FundamentalOverview

Gold got a bit of a boostyesterday on renewed tariffs fears as Trump announced 25% tariffs on importedautos. The threat of higher inflation in the short term coupled with lowergrowth is keeping the precious metal supported.

In the bigger picture, aslong as the Fed doesn’t change its reaction function and doesn’t mention ratehikes, the trend should remain to the upside as real yields will continue tofall unless we get another strong growth scare.

GoldTechnical Analysis – Daily Timeframe

On the daily chart, we cansee that gold is consolidating just above the 3000 level. From a riskmanagement perspective, the buyers will have a better risk to reward setuparound the 2955 level where they will also find the trendline for confluence. The sellers, on the other hand,will want to see the price breaking below the trendline to target the 2832level next.

Gold Technical Analysis– 4 hour Timeframe

On the 4 hour chart, we cansee more clearly the tight range created between the 3000 support and the 3038 resistance. The sellers will likelystep in around the resistance with a defined risk above it to position for adrop into the major trendline. The buyers, on the other hand, will want to seethe price breaking higher to start targeting a new all-time high.

Gold Technical Analysis– 1 hour Timeframe

On the 1 hour chart, there’snot much we can add here as the sellers will look for a rejection around theselevels, while the buyers will look for a break to the upside to open the doorfor higher highs. The red lines define the average daily range for today.

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