FUNDAMENTALOVERVIEWGold fell briefly below the 4,000 level in the Asian session but quicklyrecouped the losses. Nothing has changed on the fundamental side as preciousmetals remain under pressure due to the Fed tightening risk. There's a 31% chance of ahike in July and 64% probability of a move in September, with a total of 33 bpsof tightening priced in by year-end. There’s been a slightly dovish repricingin the last few days.One of the reasons could bethe huge selloff in oil prices which have now reached pre-war levels. The otherreason is that the hawkish repricing reached a near-term peak and for more wewill likely need upside surprises in the NFP and CPI reports.All in all, there isn’t a strong reason to price in any more rate hikes atthe moment. Therefore, we either see more pullbacks in the next days, or theprice action remains rangebound until we get the US data. Chasing lower prices rightnow without a meaningful fresh catalyst looks bad from a risk to rewardperspective.In terms of economic data, given the Fed’s focus on inflation, the US CPIwill likely be more important for market pricing unless we get a blockbusterNFP report. In line or worse than expected data, should lead to a pullbackpretty much across the board, with gold benefiting from some dovish repricing. GOLD TECHNICALANALYSIS – DAILY TIMEFRAMEOn the daily chart, we cansee that gold dropped below the 4,000 level again in the Asian session but quicklyrecouped all the losses. The natural target remains the 3,885 level but thebearish momentum is clearly fading as the hawkish repricing peaked last week. Ifthe price falls into the 3,885 level, we can expect the buyers to step in witha defined risk below the level to position for a rally into the major downwardtrendline. The sellers, on the other hand, will want to see the price breakinglower to increase the bearish bets into the major upward trendline around the3,700 level.GOLD TECHNICAL ANALYSIS – 4HOUR TIMEFRAMEOn the 4 hour chart, we cansee the price broke below the minor counter-trendline and it’s now retestingit. The sellers are likely stepping in around the broken trendline with adefined risk above it to keep pushing into new lows. The buyers, on the otherhand, will want to see the price breaking higher to pile in for a rally intothe major downward trendline. GOLD TECHNICAL ANALYSIS – 1HOUR TIMEFRAMEOn the 1 hour chart, there’snot much we can add here but if we get a break above the trendline, we canexpect the pullback to extend into the swing high around the 4,096 level. That’swhere the sellers will have a better risk to reward setup to target new lows,while the buyers will need a break to open the door for new highs. The redlines define the average daily range for today. UPCOMING CATALYSTSToday, we get the US JobOpenings data and the US Consumer Confidence report. Tomorrow, we have the USADP report, the US ISM Manufacturing PMI and Fed Chair Warsh speaking. OnThursday, we conclude with the US NFP report, and the US Jobless Claimsfigures. This article was written by Giuseppe Dellamotta at investinglive.com.