Fundamental
Overview
Gold eventually did erase
the losses triggered by the US Retail Sales data and added to the gains
breaking into a new all-time high. The market continues to move upwards by
inertia amid a lack of bearish news for the precious metal.
Real yields remain in a bearish
trend which is supportive for the gold market. We will likely need a strong growth
scare to see some downside in gold or a hawkish Fed to trigger a bigger
correction. For now, the path of least resistance remains to the upside.
Gold
Technical Analysis – Daily Timeframe
Gold Daily
On the daily chart, we can
see that gold is currently setting new all-time highs. From a risk management
perspective, the buyers will have a better risk to reward setup around the 2790
level, while the sellers will look for a break below the level to start
targeting the 2600 level next.
Gold Technical Analysis
– 4 hour Timeframe
Gold 4 hour
On the 4 hour chart, we can
see that we have the major upward trendline defining the bullish
momentum. If we get a pullback into the trendline, we can expect the buyers to
lean on it to position for a rally into a new all-time high. The sellers, on
the other hand, will want to see the price breaking lower to increase the
bearish bets into new lows.
Gold Technical Analysis
– 1 hour Timeframe
Gold 1 hour
On the 1 hour chart, we can
see that we have a minor upward trendline defining the bullish momentum on this
timeframe. If we get a pullback into the trendline, we can expect the buyers to
lean on it to push into new highs, while the sellers will look for a break
lower to increase the bearish bets into the next trendline. The red lines
define the average daily range for today
Upcoming
Catalysts
Today we get the latest US Jobless Claims
figures, while tomorrow we conclude the week with the US Flash PMIs.