Gold (XAU) remains under pressure after the strong correction from $5,600, but the long term price structure is still bullish. In my view, this correction is setting the stage for another strong surge in gold towards the $8,000. This article discusses the latest inflation data, interest rate outlook and key technical levels to understand the next move in the gold price.
Gold Price Forecast: Cooling US Inflation Sets the Stage for a Break Above $5,000
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Key Points:
- Gold’s long-term price structure remains bullish above the $3,900 support zone.
- Cooling U.S. inflation has reduced expectations of a September Fed rate hike.
- A break above $5,000 would confirm the end of gold’s correction.
