FundamentalOverview

Gold jumped to yet anotherall-time high today following renewed tariffs fears. In fact, over the weekend,Trumptalked about imposing a 25% tariff on steel and aluminium on all countries onMonday and that he will announce reciprocal tariffs on Tuesday or Wednesday.

This is giving gold a boostnot only from a safe haven perspective but also because of the drop in realyields as inflation expectations rise faster than nominal yields.

GoldTechnical Analysis – Daily Timeframe

On the daily chart, we cansee that gold extended the rally into yet another all-time high today. From arisk management perspective, the buyers will have a better risk to reward setuparound the 2790 level, while the sellers will look for a break below the levelto start targeting the 2600 level next.

Gold Technical Analysis– 4 hour Timeframe

On the 4 hour chart, we cansee that the momentum became even stronger recently as the price got furtheraway from the trendline. If we get a deeper pullback, wecan expect the buyers to lean on the trendline again with a defined risk belowit to position for a rally into new highs. The sellers, on the other hand, willwant to see the price breaking lower to increase the bearish bets into the 2600level next.

Gold Technical Analysis– 1 hour Timeframe

On the 1 hour chart, we cansee that the price is now close to the upper bound of the average daily range for today. We might either get someconsolidation here or a pullback. On an intraday basis, if the price were tobreak below the 2882 level, we can expect the sellers to extend the pullbackinto the minor upward trendline where the buyers will have their firstdip-buying opportunity. If the price were to break below the minor trendline,then we will likely get a deeper pullback into the major trendline.

UpcomingCatalysts

Tomorrow, we have Fed Chair Powell speaking. On Wednesday, weget the US CPI report. On Thursday, we have the US PPI and the latest US JoblessClaims figures. On Friday, we conclude with the US Retail Sales data.

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