FundamentalOverview

The USCPI yesterday missed expectations across the board and triggered a rally ingold that almost reached the all-time high.

We saw some mixed price action in other markets as the details that feedinto the Core PCE were less encouraging with the early estimates increasing.

Today, we get the US PPI and the markets will likely focus again on thedetails that feed into the Core PCE as it could change the early estimatesmaterially.

GoldTechnical Analysis – Daily Timeframe

On the daily chart, we cansee that gold is now trading near the all-time highs. This is where we canexpect the sellers to step in with a defined risk above the high to positionfor a drop into the 2790 level. The buyers, on the other hand, will want to seethe price breaking higher to increase the bullish bets into new highs.

Gold Technical Analysis– 4 hour Timeframe

On the 4 hour chart, we cansee that the price broke above the top of the recent range. If we get a retest,we can expect the buyers to step in with a defined risk below the level toposition for a rally into new highs. The sellers, on the other hand, will wantto see the price falling back below the level to target the trendlinenext.

Gold Technical Analysis– 1 hour Timeframe

On the 1 hour chart, we cansee that we have another minor upward trendline defining the bullish momentumon this timeframe. The buyers will likely lean on the trendline with a definedrisk below it to keep pushing into new highs, while the sellers will look for abreak lower to increase the bearish bets into the major trendline. The redlines define the average daily range for today.

UpcomingCatalysts

Today we get the US PPI data and the USJobless Claims figures. Tomorrow, we conclude the week with the University ofMichigan Consumer Sentiment report.

Watch the video below