Key Upcoming Events and Trading Signals for Gold

Attention should focus on this week's CPI inflation data and whether shipping disruptions in the Strait of Hormuz escalate. Gold has a chance to reclaim the $4,091–$4,123 resistance zone only if CPI data falls short of expectations, driving real yields lower; conversely, if oil prices surge again, the market will remain focused on inflation concerns and the Federal Reserve's future policy moves.

Gold is trading below the 50-period exponential moving average ($4,107), with bears holding the short-term advantage as the price tests the breakout zone of a symmetrical triangle pattern.

Bearish targets: A drop below $4,000, followed by deeper downside targets at $3,977 and then $3,932.

Bullish targets: $4,077, with a second resistance level at $4,119; a further target lies at $4,132.