Gold Breaks Below 200-Day SMA, Eyes on CPI for Direction

Gold prices have slipped below the 200-day simple moving average (SMA), a key technical level that has historically acted as support. The breakout comes after last week's stronger-than-expected Nonfarm Payrolls (NFP) data, which shifted the fundamental outlook for bullion.

Traders now look to the upcoming US Consumer Price Index (CPI) report as the next major catalyst. According to senior analyst Dhwani Mehta, the bearish technical setup could either spark a relief rally back toward $4,450 or extend losses toward the $4,200 support zone, depending on the inflation data.

For a detailed technical and fundamental analysis, the original source includes a video breakdown by Mehta.