FundamentalOverviewGold pulled back yesterdaywhich is something we also saw in other markets with the US dollar strengthening.This could be hedging activity into CPI as there was no fundamental driver.The US CPI and Fedspeakafter that, will shape markets expectations heading into the Jackson Hole Symposiumwhere Fed Chair Powell could open the door for a rate cut in September. In case the data comes outlower than expected, the market will likely reinforce the dovish bets and mighteven price in higher changes of a third cut by year-end. On the other hand, higherthan expected figures will likely trigger a hawkish repricing weighing on goldand keeping us in the range.In the bigger picture, goldshould remain in an uptrend as real yields will likely continue to fall amidFed easing. But hawkish repricing in interest rates expectations will likelykeep on triggering corrections in the short term. GoldTechnical Analysis – Daily TimeframeOn the daily chart, we cansee that gold has been climbing steadily into the key 3,438 resistance but experienced a pullbackyesterday. Overall, we still have a rangebound market and from a riskmanagement perspective, the sellers would be better off shorting around theresistance, while the buyers would have a better risk to reward setup aroundthe 3,245 support. Gold Technical Analysis– 4 hour TimeframeOn the 4 hour chart, we cansee that we don’t really have clear levels where to lean onto other than the zonearound the 3,340 level where yesterday’s bearish momentum waned. This is wherewe can expect the buyers to step in with a defined risk below the zone toposition for a rally into the 3,438 resistance. The sellers, on the other hand,will look for a break lower to increase the bearish bets into the 3,245support.Gold Technical Analysis– 1 hour TimeframeOn the 1 hour chart, there’snot much else we can add here although it’s worth noting that we have the USCPI report today so the technicals might not mean much and it would be betterto trade after the release. The red lines define the average daily range for today.UpcomingCatalystsToday we have the US CPI report. OnThursday, we get the US PPI and the US Jobless Claims figures. On Friday, weconclude the week with the US Retail Sales and the University of MichiganConsumer Sentiment report. Focus also on Fedspeak, especially after the US CPIdata. This article was written by Giuseppe Dellamotta at investinglive.com.