XAUUSD has possibly entered price discovery mode — the price had jumped above the 20-day moving average, displaying the robust volume and participation from higher timeframe traders. If the price action continues, the possible scenario for a trade might be a breakout momentum trade after completion of a short-term consolidation with a further expansion towards the 4500-4600 area.

The weak CPI print would give acceleration to the price and may amplify the possible breakout. The situation in the Hormuz straight, on the contrary, might provide pressure for Gold, as it usually strengthens the US Dollar, lifts Crude oil and pumps inflationary expectations.

Don't forget - this is just the idea, always do your own research and never forget to manage your risk!