Platinum price attacked the barrier at $1400.00 yesterday, to find an exit to resume the bullish attempts, but this attempt ended by a clear failure to force it to decline temporarily towards $1381.00.

The contradiction between the main indicators might force the price to provide mixed trading until gathering extra positive momentum, to ease the mission of breaching the current barrier and begin recording extra gains by its rally to $1412.00 and $1435.00, while the attempts of changing the main trend requires achieving a real break to the support at $1340.00.

The expected trading range for today is between $1370.00 and $1412.00

Trend forecast: Fluctuated within the bullish track

• Gold price drifts higher to around $3,645 in Thursday’s early Asian session.

• Rising Fed rate cut bets and geopolitical risks boost the Gold price. 

• The US CPI inflation report for August will be the highlight later on Thursday. 

The Gold price (XAU/USD) gains momentum to near $3,645 during the early Asian session on Thursday. The precious metal edges higher on expectations of a US Federal Reserve (Fed) interest rate cut, a weaker US Dollar (USD) and global geopolitical risks. All eyes will be on the US Consumer Price Index (CPI) for August, which will be released later on Thursday. 

US Producer Prices rose less than expected in August, reinforcing the view that the US central bank will deliver rate cuts at its upcoming policy meeting. This, in turn, weighs on the Greenback and underpins the USD-denominated commodity price. Lower interest rates could reduce the opportunity cost of holding Gold, supporting the non-yielding yellow metal. 

Traders expect a stronger Fed easing. Money markets are now fully pricing in a 25 basis points (bps) rate cut at the Fed’s September meeting, while the chance of a larger 50 bps reduction has also risen to nearly 12%, according to the CME FedWatch tool.

Meanwhile, escalating geopolitical tensions in Europe and the Middle East also boost the safe-haven flows, benefitting the Gold price. Geopolitical risks in Europe rose after Poland shot down Russian drones that crossed into its territory in Russia’s latest attacks on Ukraine. Additionally, Israel on Tuesday launched a strike on Doha, Qatar, targeting the senior leadership of Hamas. Qatar said the attack by Israel violated international law and threatens to widen the conflict in the Middle East. 

Gold traders will take more cues from the US August CPI inflation report later on Thursday. The headline CPI is expected to show an increase of 2.9% YoY in August, while the core CPI is projected to show a rise of 3.1% YoY during the same period. If the report shows a hotter-than-expected inflation, this could lift the USD and cap the upside for the precious metal price.  

Despite the attempts of the main indicators to provide positive momentum but the stability of the GBPJPY pair below the barrier at 200.40 obstacle the chances for resuming the bullish attack, which forces it to provide sideways trading, activating the expected bearish correctional track. 

While gathering the negative momentum will make the price begin targeting the negative stations by its decline to 198.60, then attempts to press on the initial support at 197.85, while the price success in breaching the barrier and holding above it will turn the bullish scenario to begin achieving clear gains by its rally to 200.90 and 201.55.

The expected trading range for today is between 198.65 and 200.30

Trend forecast: Bearish

First Potential Pullback After Breakout

Since the breakout to new record highs on September 2, gold has shown almost uninterrupted strength, with only one prior one-day pullback before momentum quickly resumed. A similar recovery is possible again, but price behavior now suggests the market may be ready for a deeper pullback or consolidation. The advance from the $3,311 swing low to Tuesday’s high represented an 11% gain, or $363, over just 14 trading sessions — a steep rise that increases the odds of further profit-taking before bullish continuation.

Key Support Zones to Watch

The first potential support area sits near this week’s low of $3,576, but if that level fails to hold, the 38.2% Fibonacci retracement at $3,537 is the next key zone. Below that, the prior record high of $3,500 comes into play, coinciding with the 50% retracement at $3,495. A stronger support zone rests lower, spanning the $3,451 and $3,439 swing highs that defined the prior symmetrical triangle pattern. This lower range aligns with the 61.8% retracement at $3,452 and is reinforced by dynamic support from the 20-Day moving average, now near $3,450 and rising.

Bigger Picture Still Bullish

While a pullback appears likely, the broader outlook for gold remains firmly bullish. The first test of the 20-Day average should attract buying interest and help maintain the uptrend. Only a decisive drop and sustained trade below the 20-Day line would weaken the bullish structure as it looks now.

Weekly Close to Confirm Strength

With two trading sessions remaining this week, the closing price for the week may matter. A weekly close back under last week’s $3,600 high would show a failure to confirm the breakout, while a strong close above that level would reinforce the longer-term bull trend.

For a look at all of today’s economic events, check out our economic calendar.

The (ETHUSD) price continued its sideways trading in its last intraday levels, attempting to gain bullish momentum that might help it to rise, amid the continuation of the critical support level stability at $4,250, with the emergence of positive overlapping signals on the(RSI), after reaching oversold level, on the other hand, the price is under negative pressure that comes from its trading below EMA50, which prevents the price recovery in the previous session.

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XAU/USD Current price: $3,643.25

• The United States Producer Price Index was softer-than-anticipated in August.
• The US will release the August Consumer Price Index on Thursday.
• XAU/USD holds within familiar levels ahead of US first-tier figures.

Spot Gold saw little action throughout Wednesday, with the XAU/USD pair stuck below the $3,650. The bright metal started the day with a soft tone amid broad US Dollar (USD) demand, but found an intraday bottom at $3,620.48. The USD lost ground early in the American session, although price action across the FX board remains limited ahead of the release of first-tier data, which can affect the Federal Reserve (Fed) monetary policy decision, scheduled for release next week.

The United States (US) published the August Producer Price Index (PPI), which showed that annualized inflation at producers’ levels rose by 2.6%, down from the 3.3% posted in July. The core annual figure printed at 2.8%, easing from a revised 3.4% previously, while on a monthly basis, the PPI declined by 0.1%. The Consumer Price Index (CPI) for the same month is scheduled for release on Thursday.

The figures were below expected, and quickly triggered comments from US President Donald Trump: “Just out: No Inflation!!! “Too Late” must lower the RATE, BIG, right now. Powell is a total disaster, who doesn’t have a clue!!! President DJT,” Trump shared on Truth Social.

Other than that, President Trump suffered a setback, as a US court allowed Fed’s official, Lisa Cook, to continue operating as a member of the Board. Trump “fired” Cook over fraud allegations, but Cook appealed the decision and so far, retains her seat.

Also, the Labor Department’s Office of Inspector General said it is reviewing the “challenges” that the Bureau of Labor Statistics (BLS) is facing in its data-collection efforts. Trump fired the BLS’s former head following the weak July monthly job report after claiming the numbers were wrong. Trump is quite unhappy with the large downward revisions to new jobs estimates.

XAU/USD short-term technical outlook

From a technical point of view, XAU/USD has to extend its advance. In the daily chart, the pair develops well above its moving averages, with a bullish 20 Simple Moving Average (SMA) accelerating north above the longer ones. At the same time, technical indicators ticked higher after a modest downward correction, still within extreme overbought levels.

In the near term, and according to the 4-hour chart, XAU/USD entered a consolidative phase, yet the risk remains skewed to the upside. The bright metal trades well above all its moving averages, with a bullish 20 SMA providing near-term support at around $3,625. The 100 and 200 SMAs also advance, yet far below the shorter one. Technical indicators have turned south within positive levels, reflecting the lack of upward momentum rather than hinting at an upcoming slide.

Support levels: 3,638.10 3,625.85 3,608.40

Resistance levels: 3,650.00 3,675.00 3,690.00