Gold Price Forecast: XAU/USD Tests $3,969 as Dollar Climbs Ahead of PPI - FXLeaders

AI desk brief

• Gold traded near $3,981 after Wednesday’s 1.2% decline below $4,000, while the dollar index approached 102.90. The report links weakness to December Fed-hike expectations; Friday’s October PPI could reinforce or ease that pressure depending on the reading.
• The author remains bearish below $4,015.07, with further resistance at $4,066.79. A bounce from $3,969.42 is possible, but a 1-hour close below that support targets $3,920, then $3,872; recovery above $4,015.07 would challenge the bearish bias.
• Standard Chartered reports third-quarter central-bank purchases of 321 tonnes and gold ETF inflows of 211 tonnes. These could support demand, but TD Securities’ Bart Melek expects a retest near $3,900 amid dollar and interest-rate pressure.