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Gold, Evening Analysis
Today, the short positions above 5210 were hit again. Moving forward, I have no plans to go long and will stick to the bearish stance. Currently, the short-term resistance is at 5200. For those looking to bet on a decline, this is the level to enter the market.
Additionally, tonight's CPI data—if it comes in weaker than expected—will be bearish for gold. The Federal Reserve might delay interest rate cuts or even raise rates, which is generally negative for gold.
Short around 5193, target 5150, and for the longer term, 5100.