Gold still refuses to drop. Currently trading at $4,726. The market is hot because tonight's CPI is expected to come out at 3.7%, the highest in 2 years. Meanwhile, JPMorgan and Bank of America have reversed their stance, saying there will be no interest rate cuts in 2026, and inflation will stay above 3% for nearly another 2 years.

The strange thing is the S&P 500 index has risen to 7,400 points, but gold refuses to follow upward, remaining steady below $5,000. This is called The Great Divergence. The market is redefining risk entirely. Gold isn't falling because big money knows inflation will persist, stocks are soaring out of greed, but gold is holding steady out of fear.

From the technical chart, the price still stays above the EMA 20 and EMA 50 lines. The bullish trend still has the advantage, but it has tried to break through $4,764 several times without success. RSI is at 57, which is very healthy because it's not overbought yet. MACD shows some weakening momentum, but it's just a pause for consolidation.

If the CPI comes out below 3.7%, gold could surge past $4,764 to $4,800. But if it exceeds that, the market is really hot, and the price might test $4,673 or, in the worst case, drop back to $4,521. The uncertainty between Powell's resignation and Warsh stepping in as Fed Chair is the fuel driving gold higher. Institutional investors hate uncertainty the most. If they don't know what’s happening, they throw money into gold first.

For today's trading, it's recommended to wait for the CPI news before acting. During the news release, the market is like flipping a coin—price will choose a direction, so wait for the first 15 minutes of volatility to pass before following a clear trend. For short-term traders, if the price dips to $4,700–$4,710, open a buy with a stop loss at $4,660 and take profit at $4,760. For long-term holders, stay still for now. Entering at this price is risky; wait for a dip to $4,150–$4,300 before making a move.