FundamentalOverview

Gold has been on a steadyrise last week since bouncing on a major trendline as the market kept onincreasing the dovish bets on the Fed. That rally reversed after the USNFP came out better than expected and triggered a more hawkish repricing ininterest rate expectations.

In the bigger picture, goldremains in an uptrend as real yields will likely continue to fall amid Fedeasing and just a hawkish repricing in rate cuts expectations could triggercorrections in the short term.

GoldTechnical Analysis – Daily Timeframe

On the daily chart, we cansee that gold is now pulling back into the major upward trendline as the positive US NFP reducedthe chances of a third rate cut by year-end. The buyers will likely step inaround the trendline with a defined risk below it to position for a rally into anew all-time high. The sellers, on the other hand, will look for a break lowerto pile in for a drop into the 3120 level next.

Gold Technical Analysis– 4 hour Timeframe

On the 4 hour chart, we cansee more clearly that the NFP marked the top in the recent rally and tradersnow await new catalysts or better levels to position themselves. There’s notmuch else we can glean from this timeframe as the buyers will likely step inaround the major upward trendline, while the sellers will look for a breaklower.

Gold Technical Analysis– 1 hour Timeframe

On the 1 hour chart, we cansee that we have a minor downward trendline defining the current pullback. Thesellers will likely continue to lean on that trendline to keep pushing into newlows, while the buyers will look for a break higher to pile in for a rally intothe 3438 level next. The red lines define the average daily range for today.

UpcomingCatalysts

The only notableevents this week are Trump’s letters on tariffs andtrade deals, and the US Jobless Claims figures on Thursday.

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