Gold Price Forecast: Gold Falls Below $4,000 as US September PCE Inflation Accelerates, Risks Drop Toward $3,900 - TradingKey

AI desk brief

Gold extended losses and briefly traded below $4,000/oz, with intraday lows around $3,986.7 as September U.S. PCE inflation reaccelerated and reinforced expectations for further Fed tightening. The article cites September overall PCE at 3.6% y/y (3.1% core), a 74.9% market-implied probability of a December rate hike, and says short-term downside risk remains toward $3,980, then the year-to-date low near $3,942.50 and potentially $3,900 if support fails.

Technically, the piece says RSI is near 35 and MACD remains bearish, with resistance at $4,080 and then $4,110-$4,140 on any rebound. It argues that resilient Q3 GDP growth of 3.4% and still-elevated inflation leave little room for a near-term dovish pivot, keeping gold under pressure.