Fundamental
\nOverview<\/p>\n
Last week\u2019s gold\u2019s impressive
\nresilience in the face of major headwinds coming from strong US data, higher
\nyields and surging US dollar proved to be a signal of underlying strength. In
\nfact, as soon as the week started, gold surged into new all-time highs. <\/p>\n
There might be some fears
\nof the looming US government shutdown at the moment, but if that is cleared,
\nthe focus will turn to the upcoming US data with the NFP report on Friday being
\nthe main event. <\/p>\n
In the bigger picture, gold
\nshould remain in an uptrend as real yields will likely continue to fall amid
\nthe Fed\u2019s dovish reaction function. In the short-term though, hawkish repricing
\nin interest rates expectations caused by strong US data will likely keep on triggering
\ncorrections. <\/p>\n
Gold
\nTechnical Analysis \u2013 Daily Timeframe<\/p>\n
Gold daily<\/p>\n
On the daily chart, we can Gold Technical Analysis Gold 4 hour<\/p>\n On the 4 hour chart, we can Gold Technical Analysis Gold 1 hour<\/p>\n On the 1 hour chart, we can Upcoming
\nsee that gold extended the rally into yet another all-time high. From a risk
\nmanagement perspective, the buyers will have a better risk to reward setup around
\nthe major trendline<\/a>, while the sellers will look for a
\nbreak lower to extend the drop into the 3,120 level next. Such a big correction
\nthough, will likely need strong US data to trigger a hawkish repricing in
\ninterest rates expectations.<\/p>\n
\n\u2013 4 hour Timeframe<\/p>\n
\nsee that we have another upward trendline defining the bullish momentum on this
\ntimeframe. If we get a pullback into the trendline, we can expect the buyers to
\nlean on it with a defined risk below it to position for a rally into a new
\nall-time high. The sellers, on the other hand, will want to see the price
\nbreaking lower to pile in for a drop into the 3,627 level next.<\/p>\n
\n\u2013 1 hour Timeframe<\/p>\n
\nsee that we have yet another minor upward trendline on this timeframe. The
\nbuyers will likely lean on the trendline with a defined risk below it to keep
\npushing into new highs, while the sellers will look for a break lower to pile
\nin for a pullback into the 3,790 support. The red lines define the average daily range<\/a> for today.<\/p>\n
\nCatalysts<\/p>\n