Gold Daily | Gold Prices Edge Higher as Focus Shifts to U.S. Inflation Data and Fed Rate Expectations

【Latest Gold Price and Recent Trends】

On Tuesday, international gold prices rose slightly by 0.2% to $3,349.13, recovering from a previous decline due to heavy selling. The market is closely watching U.S. inflation data which could influence the Federal Reserve's rate cut timeline.

【Technical Analysis】

On the daily chart, gold remains in a range-bound pattern approaching the resistance at $3,438. Near-term support is at $3,245, offering a favorable risk-reward for long positions. On the 4-hour chart, key support is around $3,340, with potential to target $3,438 if bullish momentum strengthens. The 1-hour chart indicates limited value until post-CPI data release.

【Market Sentiment and Economic Background】

The market is focused on U.S. CPI data, expected to rise 2.8% year-on-year and core CPI to 3%, potentially impacting Fed rate expectations. Donald Trump's assurance against gold tariffs eased previous market concerns. Market sentiment remains cautious ahead of key economic data, influencing expectations of Federal Reserve actions at Jackson Hole.

【Analyst Opinions】

Analysts suggest a dovish Fed stance if inflation data underperforms, supporting gold prices. Conversely, a hawkish adjustment might occur with stronger inflation figures, potentially pressuring gold. The market is also considering the potential impact of Trump's non-tariff stance on gold and the Fed's future leadership changes.