FundamentalOverviewGold broke above anotherkey resistance yesterday extending the gains above the 4,200 level. There’snothing fundamental driving the price action as a short squeeze looks like themost reasonable culprit. We had soft weekly ADP dataon Tuesday but if that was the reason, we would have seen a stronger reactionalready on Tuesday not the day after. The reopening of the USgovernment will bring back the key US data like the NFP and CPI, and those willbe key risk events for gold. Strong US data, especiallyon the labour market side, should keep weighing on gold as it would keep themarket speculating on rate cuts pause. Conversely, weak data is likely tosupport the precious metal as it would give the Fed more reasons to keep cuttingrates.In the bigger picture, goldshould remain in an uptrend as real yields will likely continue to fall amidthe Fed’s dovish reaction function. But in the short term, a further hawkishrepricing in interest rate expectations should keep weighing on the market. GoldTechnical Analysis – Daily TimeframeOn the daily chart, we cansee that gold broke above the most recent swing high around the 4,150 level andextended the gains above the 4,200 level as the buyers increased the bullishbets into a new all-time high. There’s not much here for the sellers as they shouldeither short from the all-time highs or wait for the price to fall back belowthe 4,150 level to pile in for new lows.Gold Technical Analysis– 4 hour TimeframeOn the 4 hour chart, we cansee that we have a strong support zone now around the 4,150 level where we havealso the upward trendline for confluence. If we were to get a pullback, we canexpect the buyers to lean on the support with a defined risk below it to keeppushing into a new all-time high. The sellers, on the other hand, will want tosee the price breaking lower to pile in for a drop into the 4,000 handle next. Gold Technical Analysis– 1 hour TimeframeOn the 1 hour chart, there’snot much else we can add here as the buyers will likely lean on the trendlineto keep pushing into new highs, while the sellers will look for a break lowerto target new lows. The red lines define the average daily range for today. Video This article was written by Giuseppe Dellamotta at investinglive.com.