Fundamental
Overview
The US
CPI yesterday missed expectations across the board and triggered a rally in
gold that almost reached the all-time high.
We saw some mixed price action in other markets as the details that feed
into the Core PCE were less encouraging with the early estimates increasing.
Today, we get the US PPI and the markets will likely focus again on the
details that feed into the Core PCE as it could change the early estimates
materially.
Gold
Technical Analysis – Daily Timeframe
Gold Daily
On the daily chart, we can
see that gold is now trading near the all-time highs. This is where we can
expect the sellers to step in with a defined risk above the high to position
for a drop into the 2790 level. The buyers, on the other hand, will want to see
the price breaking higher to increase the bullish bets into new highs.
Gold Technical Analysis
– 4 hour Timeframe
Gold 4 hour
On the 4 hour chart, we can
see that the price broke above the top of the recent range. If we get a retest,
we can expect the 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 want
to see the price falling back below the level to target the trendline
next.
Gold Technical Analysis
– 1 hour Timeframe
Gold 1 hour
On the 1 hour chart, we can
see that we have another minor upward trendline defining the bullish momentum
on this timeframe. The buyers will likely lean on the trendline with a defined
risk below it to keep pushing into new highs, while the sellers will look for a
break lower to increase the bearish bets into the major trendline. The red
lines define the average daily range for today.
Upcoming
Catalysts
Today we get the US PPI data and the US
Jobless Claims figures. Tomorrow, we conclude the week with the University of
Michigan Consumer Sentiment report.
