Gold Range-Bound Ahead of CPI, PPI as $4,450 Resistance Caps Upside
Technical Analysis: The current gold price (4,434.60) is attempting to consolidate above the moving average band on the hourly chart. It faces significant resistance at the 4,440–4,450 level (near the previous high and the upper Bollinger Band). Currently, bulls and bears are engaged in a fierce tug-of-war around the 4,410–4,435 range.
As the market awaits the upcoming release of key U.S. inflation data (CPI, PPI) this week to calibrate the interest rate hike path, gold is highly likely to continue trading in a wide range before these major data releases and the interest rate decision are finalized!
When the gold price rebounds to the key resistance zone of $4,440–$4,450 and fails to break through with significant volume, traders may consider entering short positions for a short-term trade. $XAU/USD(XAUUSD.FOREX)$$Gold - main 2612(GCmain)$
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