$XAUT Cherry Blossom: CPI data lands, gold faces pressure and tests support at midnight

Throughout the day, gold generally showed a volatile downward trend, weakening from above 4720 in the early session, with a lack of momentum to break above the middle band of the Bollinger Bands in the afternoon. After the negative US CPI data was released in the evening, gold prices accelerated their break lower, dipping to around 4638, then rebounding slightly to above 4660 by the close, with bearish momentum being released.

On the news front, the evening CPI data exceeded expectations with a stronger reading, further reinforcing the market's expectation that the Federal Reserve will maintain high interest rates. The dollar strengthened directly suppressing gold prices, and market expectations for rate cuts have been delayed. The bulls lack upward momentum, and with no new safe-haven catalysts, gold remains under significant pressure.

From a technical perspective, the current Bollinger Bands are opening downward, with prices continuously moving along the lower band. The middle band around 4690 forms a strong resistance, limiting short-term rebound space. Key support tonight is in the 4640-4650 range; if broken, further decline toward 4620 is likely.

Suggestions: If the correction reaches around 4650-4630, consider buying; if the correction is strong, consider buying near 4620-4600; if the market directly rises, consider buying around 4660, targeting above 4700.

Market fluctuations are normal; maintaining the right rhythm allows for a calm response.