FundamentalOverview

Gold continues to lean onthe major trendline with the market remaining overall rangebound. The lowerthan expected Core CPI and Core PPI figures didn’t give the expected boost,which might be a signal that the focus could be on something else.

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 pulled back once again into the major upward trendline. This is where we can expect thebuyers to step in with a defined risk below the trendline to position for arally into the 3438 resistance. The sellers, on the other hand,will look for a break lower to increase the bearish bets into the 3120 levelnext.

Gold Technical Analysis– 4 hour Timeframe

On the 4 hour chart, we cansee that we have another minor trendline by connecting the recent swing lows.We could see a move into it before a bounce, so the buyers should be aware ofthat. The sellers will likely need to break below the minor trendline toconfirm a move into new lows.

Gold Technical Analysis– 1 hour Timeframe

On the 1 hour chart, there’snot much else we can add here as the buyers will look for dip-buyingopportunities around the trendlines, while the sellers will target breakouts. Thered lines define the average daily range for today.

UpcomingCatalysts

Today we get the latest US Jobless Claimsand Retail Sales figures. Tomorrow, we conclude the week with the University ofMichigan Consumer Sentiment survey.

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