FUNDAMENTAL OVERVIEW Gold has recouped all the losses experienced on Wednesday when Trump said to reporters at the NATO summit that the Memorandum of Understanding with Iran was over for him. Later on, Trump walked back on his comments and said that negotiations would continue, claiming that Iran called him to make a deal.That was enough for traders to price out the geopolitical risk premium and go back to previous levels. Barring another US-Iran escalation, the price action should remain rangebound into the US CPI report due on Tuesday. The US CPI should have a major influence on interest rate expectations given the Fed’s focus on inflation. If the data surprises to the upside, we will likely see another selloff in gold on a hawkish repricing. Conversely, lower than expected figures should trigger a relief rally on peak inflation narrative. GOLD TECHNICAL ANALYSIS – DAILY TIMEFRAMEOn the daily chart, we can see that gold is still consolidating near the major downward trendline. If the price gets there, we can expect the sellers to lean on the trendline with a defined risk above 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 into the next trendline around the 4,500 level. GOLD TECHNICAL ANALYSIS – 4 HOUR TIMEFRAMEOn the 4 hour chart, we have a minor trendline defining the recent pullback. The sellers will likely continue to lean on the trendline with a defined risk above it to keep pushing into new lows. The buyers, on the other hand, will want to see the price breaking higher to pile in for a move into the major trendline targeting a breakout. GOLD TECHNICAL ANALYSIS – 1 HOUR TIMEFRAMEOn the 1 hour chart, we have a support zone around the 4,090 level where the price got rejected from several times in the past days. The buyers will likely step in around the support with a defined risk below it to position for a rally into the major downward trendline. The sellers, on the other hand, will look for a break lower to increase the bearish bets into new lows. The red lines define the average daily range for today. This article was written by flfeaa2662d774455a8d50fa77b791ed5f at investinglive.com.