FundamentalOverview

Gold eventually did erasethe losses triggered by the US Retail Sales data and added to the gainsbreaking into a new all-time high. The market continues to move upwards byinertia amid a lack of bearish news for the precious metal.

Real yields remain in a bearishtrend which is supportive for the gold market. We will likely need a strong growthscare to see some downside in gold or a hawkish Fed to trigger a biggercorrection. For now, the path of least resistance remains to the upside.

GoldTechnical Analysis – Daily Timeframe

On the daily chart, we cansee that gold is currently setting new all-time highs. From a risk managementperspective, the buyers will have a better risk to reward setup around the 2790level, while the sellers will look for a break below the level to starttargeting the 2600 level next.

Gold Technical Analysis– 4 hour Timeframe

On the 4 hour chart, we cansee that we have the major upward trendline defining the bullishmomentum. If we get a pullback into the trendline, we can expect the buyers tolean on it to position for a rally into a new all-time high. The sellers, onthe other hand, will want to see the price breaking lower to increase thebearish bets into new lows.

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. If we get a pullback into the trendline, we can expect the buyers tolean on it to push into new highs, while the sellers will look for a breaklower to increase the bearish bets into the next trendline. The red linesdefine the average daily range for today

UpcomingCatalysts

Today we get the latest US Jobless Claimsfigures, while tomorrow we conclude the week with the US Flash PMIs.

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