After the CPI data release, gold performed brilliantly last night, soaring to 4634 before pulling back, but ultimately failed to stabilize due to insufficient trading volume. In the latter half of the US session, it adjusted downward to 4586, following a typical pattern of initial bullish momentum being retraced—no signs of panic selling throughout, instead resembling a high-level shakeout supported by large funds on the news.

From the 1-hour chart perspective, the price has now returned to the core range of 4580-4600. This is not an arbitrary level but the central axis of repeated battles between bulls and bears, representing a key defensive line for the bulls. Last night’s close at 4586 is very significant—there is clear buying support below, and the bears did not take advantage of the post-data pullback to push lower, indicating that a direct breakdown is unlikely in the near future.

From a technical standpoint, as long as the 4560 vital line holds, the bullish logic remains intact. The market is likely to recover first rather than drop sharply at the open. 4580 is a sensitive observation point—only if it is effectively broken should we worry; otherwise, the bullish outlook remains unchanged.

In terms of trading strategy, keep a close eye on the 4600-4610 range. Once it stabilizes above this level, there is room to continue attacking previous highs. The rhythm of precious metals is like this—patience is key, wait for signals, avoid rushing to chase highs or over-pressing on declines.