Gold analysis 06.05.2020

Gold price futures fluctuated in a narrow range tilted to a decline during the Asian session to witness its rebound to the seventh session in ten sessions from its highest since April 16 amid the US dollar index rebound for the third consecutive session from the lowest since 30 of March, according to the relationship The opposite between them is on the cusp of developments and economic data expected on Wednesday by the US economy and in the shadow of the pricing of markets for the general trend to ease restrictions and the end of the global closure.

At exactly 03:42 AM GMT, gold price futures for June delivery fell 0.20% to trade at $ 1,710.60 per ounce compared to the opening at $ 1,714.10 per ounce, knowing that the contracts started the trading session on an upward price gap after yesterday's trading was concluded At $ 1,710.60 an ounce, with the US dollar index rising 0.01% to 99.81 compared to the opening at 99.80.

Investors are currently awaiting by the US economy the disclosure of preliminary data for the labor market with the release of the index of change in private-sector jobs, which may reflect the loss of 20.5 million jobs compared to the loss of 27 thousand jobs last March, and that comes hours before the disclosure after Friday On the monthly report of jobs except agricultural and unemployment rates in addition to the hourly rate for the month of April.

Other than that, we followed last Sunday, US President Donald Trump expressed confidence that there will be an anti-coronavirus vaccine by the end of the year, knowing that public health officials previously reported that the vaccination of the Coronavirus may take from one to 18 months, according to the latest figures issued by the World Health Organization, the number of cases infected with the Coronavirus has increased by nearly 3.53 million, and 243,540 people have died in 215 countries.

In another context, we also followed on Sunday the claim of the American Secretary of State Mike Pompeo that there is "a large amount of evidence" that Corona emerged from a Chinese laboratory in the Chinese city of Wuhan, while no evidence was provided for that claim, and we would like to point out that the CIA I previously concluded that the coronavirus is not human-made, and it touched upon some reports that US intelligence documents accused China of hiding the severity of the virus outbreak to stockpile medical supplies.

Technical analysis

The price of gold shows sideways and narrow-range trading in the last sessions, and therefore, there is no change to the expected upside scenario for the upcoming period, which depends on stability above 1678.45, waiting for a positive incentive enough to push the price to achieve our goals that start by attacking the level of 1729.00 to confirm opening the way to a visit Levels 1747.43 then 1780.00 in the short term.

The expected trading range for today is between 1690.00 support and 1730.00 resistance.

Expected trend for today: bullish.