Fundamental
Overview
Gold continues to lean on
the major trendline with the market remaining overall rangebound. The lower
than expected Core CPI and Core PPI figures didn’t give the expected boost,
which might be a signal that the focus could be on something else.
In the bigger picture, gold
should remain in an uptrend as real yields will likely continue to fall amid
Fed easing. But further hawkish repricing in rate cuts expectations could trigger
corrections in the short term. The sellers, on the other hand,
will look for a break lower to increase the bearish bets into the 3120 level
next.
Gold Technical Analysis
– 4 hour Timeframe
On the 4 hour chart, we can
see that we have another minor trendline by connecting the recent swing lows.
We could see a move into it before a bounce, so the buyers should be aware of
that. The sellers will likely need to break below the minor trendline to
confirm a move into new lows.
Gold Technical Analysis
– 1 hour Timeframe
On the 1 hour chart, there’s
not much else we can add here as the buyers will look for dip-buying
opportunities around the trendlines, while the sellers will target breakouts
