Gold Analysis 07.11.2019

Gold futures fluctuated in a narrow range upward during the Asian session to witness the rebound to the third session of the lowest since October 16, ignoring the rise of the US dollar index to its highest since 17 of the same month according to the inverse relationship between them on the eve of developments and economic data The US economy is expected Thursday in the shadow of market pricing to postpone a trade agreement between Washington and Beijing.

At 03:37 am GMT, gold futures for December delivery rose 0.01% to trade at $ 1,1491.22 an ounce, compared with the opening at $ 1489.78 an ounce. The dollar index rose 0.05% to 98.00 compared to the opening at 97.95.

Investors are currently awaiting the US economy to reveal last week's jobless claims reading, which may reflect a decline of 3 thousand applications to 215 thousand applications. The reading of the number of claims applications may show investors a decline of 30 thousand applications to 1,660 thousand applications. Before we see the release of the consumer credit reading which may show slower growth to $ 15.6 billion versus $ 17.9 billion in August.

Otherwise, we followed the report that the upcoming meeting between US President Donald Trump and his Chinese counterpart Xi Jinping to sign an interim trade agreement could be postponed to December as the US and China discuss the terms of the agreement and where the two presidents will gather, knowing, Among the various proposals are their meeting to sign the agreement after the meeting of the North Atlantic Treaty Organization scheduled for early next month

Technical Analysis

Gold finished yesterday's trading below 1489.00, confirming the activation of the bearish trend scenario on the intraday basis, on its way to achieve negative targets starting at 1447.00, to be a bearish bias likely for today, supported by the negative pressure formed by SMA 50.

Therefore, we are waiting for negative trading over the coming sessions, bearing in mind that breaching 1489.00 level and holding above it will stop the expected decline and lead the price to recover again.

Expected trading range for today is between 1465.00 support and 1500.00 resistance.

Expected trend for today: Bearish.