A huge week is coming for gold as traders turn their focus to the US NFP and CPI reports

Gold is currently in a consolidation phase between key technical levels as traders await new catalysts. The fundamentals are still against rising prices, which means we could either stay trapped in a wide range below January’s highs or see another flush lower in the coming weeks. Next week is pivotal for precious metals due to the upcoming US NFP report on Wednesday and the CPI on Friday. Strong data could prompt a hawkish repricing of interest rate expectations, pushing gold to new lows. Conversely, soft data may support the market amidst Fed rate cut bets. On the daily chart, gold is consolidating above a trendline as traders await new catalysts. A flush towards the trendline could see buyers stepping in for a potential rally to record highs. Sellers will look for a break lower to increase bearish bets toward 4273 levels. The 4-hour chart shows a resistance zone around 5100, with potential selling pressure if prices rally back to that level. In the 1-hour chart, a minor downward trendline is present, indicating ongoing bearish momentum. Sellers are likely to continue leaning on the trendline, pushing for lower lows, while any break higher may target the 5100 resistance. Today's final catalyst is the University of Michigan Consumer Sentiment data.