Gold Technical Analysis – Focus on US CPI

Date: November 7, 2025

Gold prices are currently rangebound as traders await the upcoming US Consumer Price Index (CPI) report, which is expected to influence market direction. The recent Non-Farm Payroll (NFP) data has capped further gains in gold, as a hawkish shift in interest rate expectations has put downward pressure on the precious metal. A softer CPI could provide a boost to gold prices, while a stronger-than-expected report may lead to a selloff.

Fundamental Overview

In the broader context, gold is anticipated to maintain an upward trend due to the expectation of falling real yields amid potential Federal Reserve easing. However, any further hawkish adjustments in rate cut expectations could lead to short-term corrections in gold prices.

Technical Analysis

Daily Timeframe

On the daily chart, gold has bounced off a major upward trendline, with buyers entering the market and establishing risk parameters below this trendline. The target for this bullish momentum is the resistance level at 3438. Sellers may prefer to wait for a price approach to this resistance or a break below the trendline to initiate new short positions.

4-Hour Timeframe

The 4-hour chart indicates that gold has broken above a minor downward trendline that characterized the recent pullback towards the major trendline. This breakout has encouraged buyers to increase their positions, aiming for the 3438 resistance level. Sellers currently lack a strong position and may benefit from waiting for a break below the major trendline before considering new short entries.

1-Hour Timeframe

In the 1-hour timeframe, a minor upward trendline is evident, indicating bullish momentum. Buyers are likely to continue leveraging this trendline to push prices higher. Conversely, sellers are looking for a break below this trendline to target a deeper pullback towards the 3310 level. The red lines on the chart represent the average daily range for the day.