FUNDAMENTALOVERVIEWGold continues to erase theNFP gains as traders await the US CPI report. Moreover, we got an escalation inthe Middle East as the US launched a series of strikes on Iran in response toIranian attacks on three vessels in the Strait of Hormuz. Iran retaliated bybombing US bases in Bahrain and Kuwait, warning of further strikes if the UScontinued. The markets went intorisk-off and we saw a slightly hawkish repricing in interest rate expectations acrossthe board as oil prices spiked. This episode should be over now, and we mightsee some pullbacks, but the risk that things could worsen is always present.The US CPI remains the biggestevent this month. Even though the bearish pressure should persist, gold mightremain rangebound until we get to the main event. Today, we have the FOMCmeeting minutes. This is almost never a market moving report but given thelimited forward guidance from Fed Chair Warsh, traders will want to see ifthere’s any further signal in the minutes on the next policy move. GOLD TECHNICALANALYSIS – DAILY TIMEFRAMEOn the daily chart, we cansee that gold is trading near the major downward trendline. If the price getsthere, we can expect the sellers to lean on the trendline with a defined riskabove it to position for a drop into new lows. The buyers, on the other hand,will want to see the price breaking higher to increase the bullish bets intothe next trendline around the 4,500 level. GOLD TECHNICAL ANALYSIS – 4HOUR TIMEFRAMEOn the 4 hour chart, we cansee that the price pulled back to retest the 4,095 support. This is where wecan expect the buyers to step in there with a defined risk below the support tokeep pushing into new highs. The sellers, on the other hand, will want to seethe price falling back below the 4,095 level to pile back in and target newlows.GOLD TECHNICAL ANALYSIS – 1HOUR TIMEFRAMEOn the 1 hour chart, we nowhave a downward trendline defining the current pullback. The sellers willlikely continue to lean on it to keep pushing into new lows, while the buyerswill want to see a break to increase the bullish bets into the major downward trendline.The red lines define the average daily range for today. UPCOMING CATALYSTSToday, we have the FOMCmeeting minutes. Tomorrow, we get the latest US Jobless Claims figures. This article was written by Giuseppe Dellamotta at investinglive.com.