3.5 Technical Analysis of Short-term Gold Operations

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The non-farm payrolls (NFP) and consumer price index (CPI) data to be released this week will be the focus of market attention. If the data is strong, especially the inflation data is higher than expected, the market may reduce the bet on the Fed to cut interest rates. The market currently expects the Fed to cut interest rates by 75 basis points this year, an increase from the 44 basis points expected last week.

Gold Technical Analysis - Daily Chart

From the daily chart, gold received support near $2,832 last Friday and rebounded to $2,900 driven by tariff concerns. However, from this time frame, market information is limited, so it is necessary to further zoom in on the analysis period to get more details.

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On the 4-hour chart, we can see that the price has broken through the downward trend line that previously defined the pullback to the $2,900 level. After the breakout, buying power quickly entered the market, pushing the price towards the all-time high.

At the same time, the bears may wait near the all-time high to try to re-apply pressure and push the gold price back to the $2,900 level or even lower.

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On the 1-hour chart, gold prices briefly consolidated around $2,893, but then broke through the minor resistance level, and the buying power increased, pushing the price close to the all-time high.

The bears hope that the price can break below the rising trend line to regain market confidence and target the $2,900 support level.