FundamentalOverview

Gold continues to make newhighs as the correction from the repricing of the rate cuts ended last week. Infact, if you recall, despite the higher-than-expected inflation figures and aless dovish Powell, the market’s pricing remained largely unchanged at threerate cuts by the end of 2025.

This is generally a signalthat the market is fine with the pricing, and we would need stronger reasons toprice out the remaining rate cuts.

In the bigger picture, goldremains in a bullish trend as real yields will likely continue to fall amid theFed’s easing cycle, but the short-term corrections will be triggered by arepricing in rate cuts expectations.

GoldTechnical Analysis – Daily Timeframe

On the daily chart, we cansee that gold continues to push into new highs as it broke through keytechnical resistances and the buyers kept on piling in. The natural target isof course a new all-time high. The sellers will need to see the price fallingback below the major trendlineto gain conviction and position for a drop into the next major trendline aroundthe 2400 level.

Gold Technical Analysis– 4 hour Timeframe

On the 4 hour chart, we cansee more clearly the key technical breaks first with the resistancezone around the 2600 level and then with the downward trendline. We now have aminor upward trendline defining the current bullish momentum. The buyers willlikely lean on it to keep targeting new highs, while the sellers will look fora break lower to position for a break below the major trendline.

Gold Technical Analysis– 1 hour Timeframe

On the 1 hour chart, we cansee that we have a nice support zone around the 2640 level where we can alsofind the trendline for confluence.There’s not much else we can add here as the buyers will look for a bounce,while the sellers will look for a break. The red lines define the average daily range for today.

UpcomingCatalysts

Today we get the latest US Jobless Claims figures, while tomorrow we conclude theweek with the US PMIs.

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