Gold Market Holds Breath for US CPI Breakout

The gold price has been consolidating between $4,530 and $4,250 on the daily chart for spot gold. This range is defined by the 50- and 200-day SMAs. Breaking out of either level will determine the next move in the gold market.

A break below $4,250 could open the way to $4,000, which is a strong long-term support level in the gold market. On the other hand, breaking above $4,530 would indicate a strong move toward the $5,000 level.

The RSI remains above the midline, indicating positive price action in the short term. However, the recent strong jobs data has pushed the US dollar index higher, limiting gold rallies.