FUNDAMENTAL OVERVIEWGold extended into new highs yesterday as a soft NFP report on Friday led to a dovish repricing in Fed interest rate expectations. A soft report, on the other hand, should reduce further the risk of Fed tightening and give gold another boost to extend the rally into new highs. GOLD TECHNICAL ANALYSIS – DAILY TIMEFRAMEOn the daily chart, we can see that gold has almost reached the major trendline around the 4,500 level. GOLD TECHNICAL ANALYSIS – 4 HOUR TIMEFRAMEOn the 4 hour chart, we have a minor upward trendline defining the bullish structure. The buyers will likely lean on the trendline with a defined risk below it to keep pushing into new highs.