Fundamental Overview
Gold reached a new all-time high yesterday, despite strong US Retail Sales and Jobless Claims data. Overall, gold remains in a bullish trend as real yields are expected to keep falling due to the Fed’s easing policy. Pullbacks might occur if rate cuts are repriced, but the uptrend should stay intact unless the Fed’s strategy changes.
A significant factor that could cause gold to drop is the upcoming US election. If Trump wins, real yields may rise due to expectations of stronger growth and fewer rate cuts.
Gold Technical Analysis – Daily Timeframe
The daily chart shows gold reaching a new all-time high. In case of a pullback to the major trendline, buyers are likely to support it while sellers will target a drop to the 2500 level.
Gold Technical Analysis – 4 Hour Timeframe
The 4-hour chart shows a minor upward trend supporting current bullish momentum. Buyers are expected to favor this trendline, while sellers will look for breaks lower to target the major trendline.
Gold Technical Analysis – 1 Hour Timeframe
The 1-hour chart indicates a support zone around the previous all-time high, which also aligns with a minor trendline. Buyers may find better risk-reward setups here to target new highs, while sellers will watch for a break lower to dismantle the bullish setup.
The red lines represent today’s average daily price range.
See the video below
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