Tonight, the CPI data will be released, and the market seems to have hit the pause button, staying in consolidation mode. Previous value: 3.5%, Expected: 3.4%. This CPI release will have a significant impact on the Fed's September policy expectations. Currently, the market estimates the probability of a rate hike in September to be around 50%. If the data meets or falls below expectations (especially if the core month-on-month figure is soft), it could further reduce rate hike bets. If it exceeds expectations, it might reignite hawkish discussions. Gold is also nearing its rebound limit—getting ready to short at 4500.