Gold’s market is stable as we wait for the US Consumer Price Index (CPI) report next Tuesday. Recent job data has limited gold’s gains due to rising interest rate expectations. If the CPI shows lower inflation, gold prices may increase. However, if inflation is higher than expected, we could see a selloff. Looking ahead, gold is likely to trend upwards as real yields may drop if the Federal Reserve eases its policies. Still, any hints of tighter rate cut expectations could lead to short-term downward movements. ### Daily Chart Analysis On the daily chart, gold is bouncing off a major upward trendline. Buyers are showing interest just below this line, hoping for a rally towards the 3438 resistance level. Sellers might wait to see if the price tests the resistance or breaks the trendline before considering new lows. ### 4-Hour Chart Insights The 4-hour chart shows the price has broken above a minor downward trendline. This signals increasing bullish positions targeting the 3438 resistance. Sellers might hold off for a break below the trendline before thinking about selling. ### 1-Hour Chart Details On the 1-hour chart, there’s a minor upward trendline indicating bullish momentum. Buyers may use this trendline to reach new highs, while sellers may look for a breakdown to target a pullback to the 3310 level. The red lines illustrate today’s average daily price range. To summarize, this overview captures the leaders and laggards in the market ahead of a key inflation report. Recent US job figures solidified expectations for higher interest rates, which held back gold’s gains. Traders could buy gold if inflation data is lower than expected. Conversely, if inflation rises, traders might quickly sell off their positions to avoid losses from rising yields, which negatively impact non-yielding assets like gold. We see a consistent pattern across different timeframes. The daily chart’s upward trendline is crucial, showing that buyers are active and defending this level. Those buying on dips may expect movement toward the 3438 resistance. Others could wait for a drop below the trendline, which would attract sellers looking for lower prices. ### Observations on the 4-Hour Chart On the 4-hour chart, there’s been a solid move above a short-term decline. While this is not dramatic, it reinforces the upward trend. New positions might have been added with many traders eyeing the 3438 zone as a good place to secure profits. Sellers appear hesitant to enter until they see a breakdown. ### Immediate Trends on the 1-Hour Chart The 1-hour chart reveals a strong upward trendline, providing confidence to scalpers and day traders to remain long. Their target is just below recent highs, while sellers are focused on levels closer to 3310, which may only come into play if downward momentum builds. The red lines mark the typical daily price range, and current movements mostly fall within these limits, suggesting that major players are waiting for the inflation data on Tuesday before making big moves. ### Strategy Moving Forward To approach this situation, it’s wise to keep stop-loss orders tight when adding to long positions near the trend support. If the price stalls below 3438, consider trailing stops. Short positions can be tactical but only gain strength if the market closes below trendlines with significant volume. For now, both bullish and bearish positions are active, but the bullish side is more appealing unless economic data suggests otherwise.

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