Fundamental Overview
Gold remains rangebound as traders await new catalysts for the next direction. Since the NFP, the path of least resistance has been to the downside as the hawkish repricing in interest rates expectations weighed on the precious metal.
In the bigger picture, gold should remain in an uptrend as real yields will likely continue to fall amid Fed easing. But further hawkish repricing in rate cuts expectations could trigger corrections in the short term.
The next key event for the market will be the US CPI report next week. Soft figures should give gold a boost, while hot data will likely trigger another selloff.
Gold Technical Analysis – Daily Timeframe
On the daily chart, we can see that gold eventually dropped into the major upward trendline again. This is where we can expect the buyers to step in with a defined risk below the trendline to position for a rally into a new all-time high. The sellers, on the other hand, will look for a break lower to pile in for a drop into the 3120 level next.
Gold Technical Analysis – 4 hour Timeframe
On the 4 hour chart, we can see that the price is already probing below the trendline but the lack of momentum might be suggesting that it’s not a real breakout. Nonetheless, the sellers will likely continue to pile in around these levels with a defined risk above the trendline to keep pushing into the 3120 level next. The buyers, on the other hand, will want to see the price rising back above the broken trendline to gain more conviction and target new highs.
Gold Technical Analysis – 1 hour Timeframe
On the 1 hour chart, we can see that the momentum has waned around the trendline. From a risk management perspective, the sellers will have a better risk to reward setup around the minor downward trendline to position for the break below the major trendline next. The buyers, on the other hand, will look for a break above the minor trendline to increase the bullish bets into new highs. The red lines define the average daily range for today.
Upcoming Catalysts
Tomorrow we get the latest US Jobless Claims figures but keep an eye also on tariff headlines as Trump continues to roll out his tariff letters.
This article was written by Giuseppe Dellamotta at www.forexlive.com. Read More Details
Finally We wish PressBee provided you with enough information of ( Gold Technical Analysis – Traders await new catalysts to pick a direction )
Also on site :
- Japan starts deploying Osprey fleet at a new base to beef up southwestern defense
- South Africa seeks US trade deal after Trump’s 30% citrus tariff
- Josh O’Connor Goes Full Cowboy in ‘Rebuilding’ as Director Max Walker-Silverman Takes on Life After the Fires: ‘Loss Often Comes With Love’