Gold prices today are tightly confined within a range at $4,683, down 0.26% from yesterday. What’s most compelling is what happened after yesterday’s CPI release: 3.8%, the highest in 3 years, beating expectations by 0.1%. This made the market nervous—if the Fed doesn’t cut interest rates, there’s even the possibility of rate hikes instead. The dollar strengthened accordingly, so gold didn’t surge alongside inflation or make a move higher.

Tonight, another key figure is the PPI at 19:30, which measures inflation from the producer side. Last month, PPI was 4.0%. If this month it still refuses to fall, that suggests inflation is spreading from factories to buyers—meaning the Fed will have even less ability to cut rates. Gold could keep dropping if the PPI is hotter than expected.

There’s also another big development: Trump has arrived in Beijing. Tomorrow, he will meet with Xi Jinping. The agenda is packed—Iran, Taiwan, AI—everything directly impacts the market. If the meeting turns tense, gold can benefit from safe-haven buying and may rise. But if the outcome is positive, risks will decline, investors will be more willing to take risks, and gold will face strong sell pressure.

From a technical perspective, prices are stuck in a sideways range between $4,679 and $4,715 with no clear momentum. The RSI is in the middle—just clearing out the prior positions while waiting to choose a direction. If the price breaks above $4,715, a long position may be opened, allowing it to rise and test $4,764. But if it falls below $4,679, a sell position could come in all the way to $4,632.

In summary, it’s better to hold back and not rush today’s moves. It’s not yet clear which way the market will go. Wait for the PPI to be released and for the Trump–Xi meeting to become clear, then look for a better time to enter a position.