Gold Price Forecast: XAU/USD clings to a key support area around $4,300 - mitrade.com

AI desk brief

Gold (XAU/USD) is trying to hold the $4,300 support zone but remains capped below $4,350, with the market leaning mildly bearish ahead of today’s US CPI print. Spot is quoted at $4,344, while Thursday’s PPI data showed headline inflation accelerating to 5.4% y/y in August from 4.8% and core PPI rising to 4.6% from 4.3%, reinforcing bets on a Fed hike next week.

Technically, the pair is sitting on the neckline of a bearish head-and-shoulders pattern. A break below $4,282 would activate the setup and expose $4,220, with a measured target just below the year-to-date lows near $3,940; a recovery back above $4,350 would be needed to reopen the path toward the 200-day SMA at $4,538.