Gold Price Forecast: US August PCE Imminent, Will Gold Prices Rise or Fall Short-Term? - TradingKey

AI desk brief

Gold recovered toward $4,195 in Europe after touching a seven-week low near $4,110, with traders focused on Wednesday’s U.S. August PCE release as the next catalyst for Fed pricing and Treasury yields. A softer core PCE print could ease rate-hike expectations and support a move back toward $4,210, then $4,250-$4,300; a hotter reading would likely pressure gold back toward $4,100 and potentially $4,000.

Technically, the rebound is being framed as an oversold recovery, but RSI near 41 still signals lingering weakness. Resistance is marked at the 5-day moving average around $4,210, while support sits at $4,100 and then $4,000.