Gold Price Forecast: Stronger-Than-Expected Payrolls Weigh on Gold as Market Eyes August CPI; Can Gold Still Rally? - TradingKey

AI desk brief

Gold rebounded modestly to around $4,370 in Asian trading on Sept. 9, but remains well below last week’s $4,510 high as stronger-than-expected August U.S. payrolls and elevated Treasury yields keep pressure on non-yielding bullion. Market pricing for a 25 bp Fed hike in September has risen to about 60% from roughly 50% before the jobs data, while the 10-year Treasury yield sits near 4.8%, close to its highest since Nov. 2023.

The key near-term catalyst is this week’s U.S. PPI and CPI releases: hotter-than-expected prints would likely reinforce rate-hike expectations, keep yields elevated and weigh on gold; softer inflation data would do the opposite. Technically, the article flags bearish momentum with RSI below 50 and a death cross, with support at $4,300 and resistance at $4,390-$4,400, then $4,450 and $4,510.