Gold Technical Analysis – Lack of bearish news keeps the bulls in charge
Fundamental Overview
Gold eventually did erase the losses triggered by the US Retail Sales data and added to the gains breaking into a new all-time high. The market continues to move upwards by inertia amid a lack of bearish news for the precious metal.
Real yields remain in a bearish trend which is supportive for the gold market. We will likely need a strong growth scare to see some downside in gold or a hawkish Fed to trigger a bigger correction. For now, the path of least resistance remains to the upside.
Gold Technical Analysis – Daily Timeframe

On the daily chart, we can see that gold is currently setting new all-time highs. From a risk management perspective, the buyers will have a better risk to reward setup around the 2790 level, while the sellers will look for a break below the level to start targeting the 2600 level next.
Gold Technical Analysis – 4 hour Timeframe

On the 4 hour chart, we can see that we have the major upward trendline defining the bullish momentum. If we get a pullback into the trendline, we can expect the buyers to lean on it 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 new lows.
Gold Technical Analysis – 1 hour Timeframe

On the 1 hour chart, we can see that we have a minor upward trendline defining the bullish momentum on this timeframe. If we get a pullback into the trendline, we can expect the buyers to lean on it to push into new highs, while the sellers will look for a break lower to increase the bearish bets into the next trendline. The red lines define the average daily range for today
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Today we get the latest US Jobless Claims figures, while tomorrow we conclude the week with the US Flash PMIs.