Gold Slides Toward $4,041 as Hot US CPI Fuels Dollar Strength

Gold dropped nearly 3% on November 10 after US CPI for October came in hotter than expected, and the metal now trades around $4,041.57, down sharply from the $4,120–$4,140 range. The reading, reported by Stone_Haven in a TradingView analysis, showed CPI rising 0.4% against a forecast of 0.3%. That miss supports the US dollar and bond yields while pressuring bullion.

The price has bounced from the $4,015–$4,020 area, but Stone_Haven is blunt about what that means: current buying pressure is not strong enough to confirm a trend reversal. Reuters, cited in the analysis, put the November 10 fall at nearly 3%.

Why did inflation data hit gold so hard?

The arithmetic is straightforward. Higher CPI raises the odds that the Federal Reserve keeps policy restrictive, which lifts yields and the dollar. Gold, which pays no interest, loses relative appeal. The October print of 0.4% versus 0.3% expected was enough to knock gold off its recent highs near $4,140.

The calendar adds a wrinkle. On November 11, the US market closes for Veterans Day, and Stone_Haven warns that bond liquidity may be thinner than usual. Two more data points follow fast:

• November 12 — Jobless Claims
• November 13 — PPI (Producer Price Index)

Both releases can move the dollar-yield-gold triangle again, and thin holiday-week liquidity can amplify the swings.

What does the technical picture show?

The H1 chart structure is bearish, according to Stone_Haven's analysis. After peaking around $4,140–$4,145, the price broke through the $4,030–$4,035 support zone, and a bearish CH3 pattern appeared. The current rebound is mainly corrective, with no confirmed bullish reversal signal yet.

The price sits below all EMA lines, which signals that selling pressure remains dominant. One zone matters most on the upside: $4,068–$4,078. That band converges the EMA50, the EMA100 and horizontal resistance, forming what Stone_Haven calls a noteworthy supply area.

Where are the trade setups?

Stone_Haven lays out two zones with defined risk parameters.

Sell zone: $4,070–$4,078. This is the preferred trade. The area stacks the supply zone, EMA50, EMA100 and the previously broken support into a single resistance band. If the price retraces to test it but fails to close the H1 candle above it, sellers may continue to control the market.

Buy zone: $3,970–$3,962. This is a crucial demand zone that previously generated a strong upward reaction. It also sits near the support of the long-term uptrend line, adding confluence for buyers. If price falls there and a reversal signal prints on the H1 chart, Stone_Haven suggests buying the rebound.

The analyst sets stop losses at 50–70 pips for both zones and advises traders to consider their safety margin when placing orders.

What happens next?

The near-term path depends on the November 12 Jobless Claims and November 13 PPI prints, layered onto a market still digesting the CPI surprise. As long as gold stays below the $4,068–$4,078 supply band, the H1 structure remains bearish, and the $3,962–$3,970 demand zone stands as the next meaningful test for buyers.