At press time, the gold price was trading at $4,078.26 with an intraday loss of -1.50%. The U.S. CPI report is about to be released, and the gold price has dropped sharply. Ahead of the report release, the funding rate has increased to 0.0092%, which showcases that perpetuals are buying continuously, which may lead to a bullish trend.
Amid this fall, the OI has continuously dropped, which showcases that perpetuals are exiting their existing positions. According to the technical analysis, Gold has witnessed buying pressure and has surged by 4.71% in November. If the price surpasses the previous resistance level of $4,145, a bullish rally can be seen.