Gold Retreats to Range Zone: CPI Data Could Spark Next Move

Gold has encountered strong resistance around the 3400 level and pulled back. The price has now re-entered the range zone again.
The technical picture shows gold ltaking support at 3340 support, while the 3400 level continues to act as a concrete resistance barrier above.
Yesterday's correction saw prices close below 3350, which raises some concern about near-term weakness. Today's CPI data release is expected to inject significant volatility into the market. For gold price structure, a pullback would be healthy to establish a lower high pattern as indicated on the chart, particularly if the gold intends to move lower.
On the upside, the weekly pivot at 3384 now is critical level to monitor, followed by the 3400 resistance zone. To the downside, we have to watch the 3330-3335 support area as the next key level that could determine golds immediate direction.