FundamentalOverview

Gold finally reached the keyresistance zone around the 2721 level following better than expected USinflation data and a surprisingly dovish Fed’s Waller last week.

Following those catalysts,the price kept on going higher as real yields moved lower on a potential top inthe inflation hysteria and the repricing in rate cuts expectations.

GoldTechnical Analysis – Daily Timeframe

On the daily chart, we cansee that gold rallied all the way back to the 2721 resistance where the price got rejectedas the sellers stepped in to position for a drop back into the 2600 support.The buyers will want to see the price breaking higher to increase the bullishbets into a new all-time high.

Gold Technical Analysis– 4 hour Timeframe

On the 4 hour chart, we canthat we have an upward trendlinedefining the current bullish momentum on this timeframe. The buyers will likelylean on the trendline to position for the break above the resistance, while thesellers will look for a break lower to target a drop into the 2660 level next.

Gold Technical Analysis– 1 hour Timeframe

On the 1 hour chart, we cansee that we have a counter-trendline defining the current pullback. The sellerswill likely continue to lean on it to keep pushing into new lows, while thebuyers will look for a break higher to position for a rally into new highs. Thered lines define the average daily range for today.

UpcomingCatalysts

This week is pretty empty on the data front with just a couple of key releases scheduledfor the latter part of the week. Today, we have the Trump’s Inauguration as the47^th US President. On Thursday, we get the latest US Jobless Claims figures,while on Friday we conclude with the Flash US PMIs.

Watch the video below