#CPI

CPI just printed 3.5% vs 3.8% expected. Gold ripped from 3996 to 4035 in 45 minutes. I entered long at 3992 - that 4000 level held like a magnet during the initial selloff. Stop at 3975, first target 4050. The real story is not today's pop - FOMC in two weeks is the catalyst. If CPI keeps cooling, the dollar loses its best argument. Structure says 4050 is make-or-break for July.