Fundamental Overview

Gold remains rangebound as thefocus turns to the US CPI report due next Tuesday. 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 eventually bounced around the major upward trendline once again. The buyersstepped in with a defined risk below the trendline to position for a rally backinto the 3438 resistance.The sellers might want to wait for the price to come into the resistance orbreak below the major trendline to pile in for new lows with better setups.

Gold Technical Analysis– 4 hour Timeframe

On the 4 hour chart, we cansee that the price broke above the minor downward trendline that was definingthe pullback into the major trendline. The buyers piled in on the breakincrease the bullish bets into the 3438 resistance. The sellers, on the other hand,don’t have much where to lean onto here so it would be better to wait for abreak below the major trendline before considering new shorts.

Gold Technical Analysis– 1 hour Timeframe

On the 1 hour chart, we cansee that we have a minor upward trendline defining the bullish momentum on thistimeframe. The buyers will likely continue to lean on the trendline to keeppushing into new highs, while the sellers will look for a break lower to targeta deeper pullback into the 3310 level next. The red lines define the average daily range for today.

Watch the video below