Guys, good morning! Today gold is clearly weak in the short term. On the 4-hour timeframe, it has been falling from the high of 4202 all the way down. Yesterday it directly smashed through the 4000 round-number level, and the low tagged 3983. Now it’s trading in a tight range around 3996.

Looking at the 1-hour chart, after the sharp drop the rebound has no real strength—price can’t hold above 4010. This shows the bears still have the upper hand, and the bulls can’t hold up for the moment.

Today’s key is the U.S. CPI data landing. Ahead of the data, it will most likely swing around 4000 and won’t make any big moves. The key support below is around 3980—if it can’t hold, price will likely probe lower. Overhead resistance is at 4020-4030; only once it stands above that can this be considered a stop to the selloff. Overall, the short-term outlook is bearish, but since it has already dropped more than 200 points, don’t blindly chase shorts—waiting until the data comes out before taking action is safer. $XAU ‌