Mu Yao: Major CPI data is set to hit—gold is in weak consolidation; look to sell

The gold price is under pressure and hovering below the 4000 level. All hourly moving averages are putting it under control. Bearish momentum continues to release, and short-term pullbacks lack buy-side follow-through— the downtrend remains unchanged.

Tonight’s CPI data and Waller’s speech will be the key turning point. If inflation stays on the high side, it will strengthen expectations for more rate hikes. Coupled with geopolitical factors that raise inflation concerns, interest-rate bearishness will dominate the market.

Trade in line with the trend by going short on rebounds. Set short orders for 4015–4030 to place your positions, and scale in toward the targets 3980, 3955, and 3920.

Reminder:
The above analysis is my personal view. Markets can change rapidly; the content is for reference only and does not constitute any investment advice!
$XAUT