Fundamental Overview
Gold continues to pull back from the highs reached after the first Israel attack against Iran. The market kind of sensed that a de-escalation was the most likely outcome and the safe haven flows reversed.
This week it’s been all about the Middle East because we haven’t got any key data point and the Fed kept everything unchanged as expected. Therefore, we remain in a mostly rangebound price action.
In the bigger picture though, gold remains in an uptrend as real yields will likely continue to fall amid Fed easing and just a hawkish repricing in rate cuts expectations could trigger corrections in the short term.
Gold Technical Analysis – Daily Timeframe
On the daily chart, we can see that gold continues to edge lower from the key 3438 level towards the major trendline. From a risk management perspective, the buyers will have a much better risk to reward setup around the trendline 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 the 3120 level next.
Gold Technical Analysis – 4 hour Timeframe
On the 4 hour chart, we can see that the price broke below the minor upward trendline. This should be a signal for more downside to come with the 3293 level as the first target for the sellers. That’s where we can expect the dip-buyers to step in with a defined risk below the level to position for a rally into new highs. The sellers, on the other hand, will look for a break lower to increase the bearish bets into the major trendline.
Gold Technical Analysis – 1 hour Timeframe
On the 1 hour chart, we can see that we have now a minor downward trendline defining the bearish momentum on this timeframe. The sellers will likely continue to lean on the trendline to keep pushing into new lows, while the buyers will look for a break higher to start targeting again the 3438 level. The red lines define the average daily range for today.
This article was written by Giuseppe Dellamotta at www.forexlive.com. Read More Details
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