FundamentalOverviewGold continued to edgehigher this week following Powell’s dovish tilt last Friday. Inflationexpectations kept on climbing, while Treasury yields have not gone anywhere.That caused real yields to fall giving further support to gold prices. The focus is now on the USlabour market data that will culminate with the NFP report next Friday. Strongdata might take the probability for a September cut towards a 50/50 chance butwill certainly see a more hawkish repricing further down the curve and weigh ongold. Soft data, on the otherhand, will likely see traders increasing the dovish bets with a third cut byyear-end being priced in and giving gold another boost.In the bigger picture, goldshould remain in an uptrend as real yields will likely continue to fall amidFed easing given their dovish reaction function. In the short-term though, hawkishrepricing in interest rates expectations will likely keep on triggering corrections.GoldTechnical Analysis – Daily TimeframeOn the daily chart, we cansee that gold has been slowly climbing towards the key 3,438 resistance. If the price gets there, we canexpect the sellers to step in with a defined risk above the resistance toposition for a drop back into the 3,245 support. The buyers, on the other hand,will want to see the price breaking higher to extend the rally into the 3,500level next.Gold Technical Analysis– 4 hour TimeframeOn the 4 hour chart, we cansee that we have a minor upward trendlinedefining the bullish momentum on this timeframe. The buyers will likelycontinue to lean on the trendline with a defined risk below it to keep pushinginto new highs, while the sellers will look for a break lower to target apullback into the 3,350 level next.Gold Technical Analysis– 1 hour TimeframeOn the 1 hour chart, there’snot much else we can add here as the buyers will continue to pile in aroundthese levels, while the sellers will look for a break below the trendline to positionfor a drop into the 3,350 level. The red lines define the average daily range for today.UpcomingCatalystsToday we get the latest US Jobless Claimsfigures, while tomorrow we conclude the week with the US PCE price index. This article was written by Giuseppe Dellamotta at investinglive.com.