On the eve of the CPI data release, gold remains in a wide fluctuation channel, with the key resistance level at 4350 significantly suppressing it—three attempts to break through have encountered resistance and retracement, and effective breakthrough momentum has yet to form. Tonight's release of the U.S. CPI data will become the core variable to break the current stalemate, directly determining whether gold can break free from the fluctuations and enter a trending market.

From the technical perspective of the 1-hour cycle, although gold maintains a high-level consolidation, the characteristics of range fluctuations are prominent, and the long-position strategy should adhere to the principle of 'buying on dips.' The support strength in the 4280 area needs to be closely monitored, and one can look for opportunities to buy low within this range; if it fails to stabilize above the 4350 resistance level, the price will still face retracement pressure.

- Long positions: Buy near 4296-4305, target 4345, 4350

- Short positions: Sell near 4345-4350, target 4280, 4260

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