The Fed signaled a rate cut yesterday, which should be good for gold, except that the market has been pricing in a .5% interest rate cut, and we're likely to only get .25%.
This morning the CPI numbers indicated higher-than-expected inflation, which should be good for gold, except that investors are afraid the better-than-expected inflation will prevent the Fed from cutting interest rates.
Given the very high price of gold right now, I wouldn't want to play it long. But given the likelihood of a rate cut and today's good inflation numbers, I wouldn't want to play it short, either. Bottom line is that the catalysts for gold right now are very mixed, and I doubt we'll see a strong move either up or down until the Fed provides some clarity on interest rates.
As always, this post is not investment advice; just an idea as to how the market will move.