Gold Analysis 24-06-2020

Gold price futures fluctuated in a narrow range tilted to the upside during the Asian session to witness the highest since October 9, 2012 amid the US dollar index rebound for the third consecutive session from the highest since June 2, according to the reverse relationship between them on the cusp of developments The economic data expected today by the US economy, the largest economy in the world.
 
At exactly 04:13 AM GMT, gold price futures for next August delivery rose 0.03% to trade at $ 1,784.90 per ounce compared to the opening at $ 1,784.40 per ounce, knowing that the contracts started the trading session on an upward price gap after it concluded trading Yesterday at $ 1,782.00 an ounce, with the US dollar index down 0.01% to 96.64 compared to the opening at 96.65.
 
Investors are currently awaiting the release of the housing market data by the US economy with the release of the housing price index, which may explain the acceleration of growth to 0.3% compared to 0.1% last March. Otherwise, we followed yesterday, US President Donald Trump expressed his tweet via His official account on Twitter that the number of coronavirus infections is high in his country due to the increased number of tests conducted by the US government.
 
In the same context, US President Trump added that if the number of tests is reduced, the number of coronavirus infections will decrease significantly, and he states that he had previously suggested that the Corona pandemic crisis in the United States was coming to an end, also expressing at the time that the detection of corona testing was exaggerated. And increased the number of cases infected with this dangerous virus.
 
We would like to point out that the White House health advisor, Dr. Anthony Fossey, expressed yesterday, during his testimony in a hearing before the House of Energy and Trade Committee, that he was "very concerned" about the high incidence of Coronavirus infections in America that "reflects the increasing prevalence in society", warning of the virus Corona does not take a summer vacation, however, he noted that countries with a high incidence of coronavirus outbreaks may not need "complete closure".
 
In another context, US President Trump also expressed via Twitter earlier this week that "the Chinese trade deal is completely sound. We hope that they will continue to abide by the terms of the agreement!", Which confirmed that the first stage of the trade deal reached earlier this year. Between the two largest economic countries in the world is still standing, which reflects in one way or another the disappearance that led to the escalation between Washington and Beijing recently.

Technical analysis

  
Gold price succeeded in breaking through the level of 1765.00 and closing the daily candle above it, which supports our expectations to continue the bullish trend during the coming period, paving the way for heading towards our next positive targets that start at 1800.00 and extend to 1840.00.
 
Upward channels are organizing the suggested bullish wave, and SMA 50 provides continuous positive support for the price to reinforce expectations to continue rising, noting that the continuation of the bullish wave requires stability above 1738.00 and most importantly above 1723.00.
 
The expected trading range for today is between 1755.00 support and 1800.00 resistance
 
Expected trend for today: bullish