FundamentalOverviewGold extended the losses thisweek as the bearish momentum heading into FOMC increased following strong USdata. In fact, we saw some more hawkish repricing in interest ratesexpectations and as mentioned here many times, such repricing is negative for themarket. Zooming out we are still ina range, but the upside is limited due to the lack of bullish catalysts and thepressure from the hawkish repricing in expectations. Tomorrow, we have the USNFP report and it’s going to be an important one. Soft data will likely give golda boost, but strong figures could increase the bearish momentum further. In the bigger picture, goldshould remain in an uptrend as real yields will likely continue to fall amidFed easing. But further hawkish repricing in interest rates expectations will likelykeep on triggering corrections in the short term. GoldTechnical Analysis – Daily TimeframeOn the daily chart, we cansee that gold extended the losses and it’s now approaching a key supportaround the 3,245 level. That’s where we can expect the buyers to step in with adefined risk below the support to position for a rally back into theresistance. The sellers, on the other hand, will look for a break lower to increasethe bearish bets into the 3,120 level next. Gold Technical Analysis– 4 hour TimeframeOn the 4 hour chart, we cansee that we have a downward trendlinedefining the bearish momentum. The sellers will likely continue to lean on thetrendline with a defined risk above it to keep pushing into new lows. Thebuyers, on the other hand, will look for a break higher to target the 3,333 swingpoint and upon a breakout, extend the rally into the 3,438 resistance next.Gold Technical Analysis – 1 hour TimeframeOn the 1 hour chart, there’snot much else we can see here as the sellers will look for a rejection aroundthe trendline, while the buyers will target a breakout. The red lines define theaverage daily range for today.UpcomingCatalystsToday we get the US PCE price index, theUS Jobless Claims and the US Employment Cost Index. Tomorrow, we conclude theweek with the US NFP report and the US ISM Manufacturing PMI. Watch the video below This article was written by Giuseppe Dellamotta at investinglive.com.