FundamentalOverview

Gold remains mostly rangeboundeven though we had some bullish price action in the past few days. The focus todaywill be on the US CPI release. The NFP put a lid on further gains asthe hawkish repricing in interest rates expectations weighed on the preciousmetal. A soft CPI should give gold a boost, while hot data will likely triggeranother selloff.

In the bigger picture, goldshould remain in an uptrend as real yields will likely continue to fall amidFed easing. But further hawkish repricing in rate cuts expectations could triggercorrections in the short term.

GoldTechnical Analysis – Daily Timeframe

On the daily chart, we cansee that gold continued to slowly edging higher after bouncing again on the majorupward trendline. The buyers keep on pushing towardsthe 3438 resistance where we will likely findsellers stepping in to position for another drop into the major trendline.

Gold Technical Analysis– 4 hour Timeframe

On the 4 hour chart, we cansee that we have a minor support zone around the 3345 level. That’s where wecan expect the buyers to step in with a defined risk below the support to keeptargeting the 3438 resistance. The sellers, on the other hand, will look for abreak lower to position for a drop into the major trendline and target a breakout.

Gold Technical Analysis– 1 hour Timeframe

On the 1 hour chart, there’snot much else we can add here as the buyers will have a better setup around thesupport, while the sellers will need to break below it to open the door formore downside. Today, we have the US CPI and it will likely trigger big movesin the market and the short-term technicals might not matter much. The redlines define the average daily range for today.

UpcomingCatalysts

Today we get the US CPI report. Tomorrow,we the US PPI data. On Thursday, we get the latest US Jobless Claims and RetailSales figures. On Friday, we conclude the week with the University of MichiganConsumer Sentiment survey.

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