RSS Gold Technical Analysis – Eyes on a potential breakout of the range

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 RSS Gold Technical Analysis – Eyes on a potential breakout of the range

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Fundamental Overview

Gold finally reached the key resistance zone around the 2721 level following better than expected US inflation data and a surprisingly dovish Fed’s Waller last week.

Following those catalysts, the price kept on going higher as real yields moved lower on a potential top in the inflation hysteria and the repricing in rate cuts expectations.

Gold Technical Analysis – Daily Timeframe

On the daily chart, we can see that gold rallied all the way back to the 2721 resistance where the price got rejected as the sellers stepped in to position for a drop back into the 2600 support. The buyers will want to see the price breaking higher to increase the bullish bets into a new all-time high.

Gold Technical Analysis – 4 hour Timeframe

On the 4 hour chart, we can that we have an upward trendline defining the current bullish momentum on this timeframe. The buyers will likely lean on the trendline to position for the break above the resistance, while the sellers will look for a break lower to target a drop into the 2660 level next.

Gold Technical Analysis – 1 hour Timeframe

On the 1 hour chart, we can see that we have a counter-trendline defining the current pullback. The sellers will likely continue to lean on it to keep pushing into new lows, while the buyers will look for a break higher to position for a rally into new highs. The red lines define the average daily range for today.

Upcoming Catalysts

This week is pretty empty on the data front with just a couple of key releases scheduled for the latter part of the week. Today, we have the Trump’s Inauguration as the 47th US President. On Thursday, we get the latest US Jobless Claims figures, while on Friday we conclude with the Flash US PMIs.

Watch the video below

This article was written by Giuseppe Dellamotta at www.forexlive.com.
 
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