Gold today (May 15) remains within a narrow range around $4,680-$4,715. What’s interesting is the CPI data released yesterday at 3.8% annually, exceeding expectations by 0.1%, combined with the Core CPI rising to 2.8%, causing the market to start speculating that the Fed may not cut interest rates anymore but might hold steady or even raise them instead.

Analyzing gold today from the 4-hour chart perspective, the price is still in a sideways range between support at 4,679 and resistance at 4,715. The candles show hesitation, with wicks on both the top and bottom. The 20 EMA is beginning to break down, and the MACD signals a bearish risk. It seems the market is waiting to choose a direction.

What could change the game is the high-level meeting tomorrow in Beijing, along with the PPI (Producer Price Index) figures to be announced tonight at 19:30. If the PPI comes out hotter than expected like the CPI, the dollar will strengthen further, and gold prices might drop below 4,679. But if the news from the meeting is tense, gold could rally on safe-haven buying.

For day traders analyzing gold today, it’s not worth entering a position now because the price is right in the middle of the range. It’s better to wait until the price breaks above 4,715 to follow buy signals, or if it drops below 4,679, then follow short positions on the selling pressure. The key is to monitor tonight’s PPI news and tomorrow’s meeting, as they could be game changers for the gold market.