Gold Technical Analysis Summary

Overview

The recent positive Non-Farm Payroll (NFP) report from the US has led to a pullback in gold prices, as it has prompted a more hawkish shift in interest rate expectations. Despite this short-term reversal, gold remains in an overall uptrend, supported by the expectation of falling real yields due to potential Federal Reserve easing.

Daily Timeframe Analysis

On the daily chart, gold is currently retracing towards a significant upward trendline. The positive NFP data has diminished the likelihood of a third rate cut by the end of the year, which may attract buyers to this trendline. Traders are likely to position themselves for a potential rally towards new all-time highs, while sellers are eyeing a break below the trendline to target a drop towards the 3120 level.

4-Hour Timeframe Analysis

The 4-hour chart indicates that the NFP report marked a peak in the recent rally. Traders are now looking for new catalysts or better entry points. The major upward trendline remains a focal point for buyers, while sellers are prepared to act on a break lower.

1-Hour Timeframe Analysis

In the 1-hour timeframe, a minor downward trendline is evident, defining the current pullback. Sellers are likely to continue utilizing this trendline to push prices lower, while buyers are looking for a breakout above this trendline to initiate a rally towards the 3438 level. The average daily range is also marked on this chart, providing context for potential price movements.

Upcoming Catalysts

Key events to watch in the coming week include statements from Trump regarding tariffs and trade deals, as well as the US Jobless Claims figures scheduled for Thursday. These events could further influence market sentiment and gold prices.