The gold futures contract and price action on the above hourly MT 4 chart, the spot contract is on the defensive during the early Asian trade session as price action has fallen below $1,918 per ounce and below $1,915 per ounce, as well.
The spot gold contract, on the hourly MT 4 chart, has formed a bearish flag chart pattern, which is indicating further weakness ahead for the widely popular spot gold futures contract.
Looking at the economic calendar, for today, the United States will publish monthly core and headline consumer price index (CPI) data. With the rise in coronavirus cases throughout the United States and European Union, inflation data is being closely watched by their respective central banks.
The European Union will release their monthly ZEW economic indicator. Germany is also publishing their monthly ZEW economic indicator as well as final monthly consumer price index data.
The United Kingdom is releasing key labor market data. They are publishing their monthly claimant count change as well as their monthly unemployment rate. The United Kingdom will also publish their monthly BRC retail sales monitor.
Daily Spot Gold Technical Analysis
Looking at the above hourly MT 4 chart, the yellow metal has fallen from a high price point at $1,933 through $1,918 per ounce and now lower. As mentioned above, the chart is showing a bearish flag chart pattern.
With that said, the first downside barrier to monitor lines up at the 8 October low price point at $1,881 per ounce. There is a key level of support, a major psychological barrier in play at $1,900 per ounce that needs to break before testing the 8 October price point.
On the upside, the first layer of technical resistance lines up at $1,931.28 per ounce. The next upside barrier would then line up at $1,939.70 per ounce with the upside barrier in play at $1,946.17 per ounce then coming onto the radar.