Gold $XAU has had a pretty interesting run lately 👀

Last week, U.S. stocks and crypto markets were hit by successive sell-offs, while gold climbed back above $4,000 and rose further above $4,100 today.

More notably, U.S. nonfarm payrolls released last Friday came in stronger than expected, further boosting market bets on a Fed rate hike in December.

In theory, this environment isn't favorable for gold, but with oil prices retreating, the dollar weakening, and Treasury yields falling, gold has still received significant support.

I'm still personally bullish on gold, but U.S. October CPI is due out tomorrow night at 21:30.

Given current rate expectations, this data could well reshape market views on the Fed's policy path.

Technically, I'm watching the previous high near $4,150.

If gold remains strong after CPI and breaks above this level, I'll be even more confident in the outlook.

At this stage, I'm not considering chasing it higher. I'll wait for a better opportunity 🫡