old Price Analysis and Forecast Today, September 12

Introduction:
In today’s gold price analysis and forecast for September 12, spot gold stabilized at $3,639.63 per ounce, recording a slight increase of 0.16% from yesterday’s close. This relative stability comes after US inflation data showed a greater-than-expected slowdown, reinforcing expectations that the Federal Reserve will pause interest rate hikes.

Gold Price Analysis and Forecast Today, September 12

Market Overview:
The trading session saw quiet activity as the market digests the impact of Consumer Price Index (CPI) data. Trading volumes in gold futures contracts were near the monthly average, reflecting the prevailing wait-and-see mood. Today’s market analysis shows gold benefiting from the current economic environment that supports safe-haven assets.

Key Market Drivers:

1.  US Inflation Data:
    * The August Consumer Price Index showed a slowdown to 0.2% month-on-month, below analysts’ expectations
    *  Impact: This data reinforced expectations that the Fed will stop raising rates, supporting demand for gold

2.  Stable Bond Yields:
    * US 10-year Treasury yields remained stable around 3.95%
    *  Impact: Stable yields reduce pressure on non-yielding gold prices

3.  US Dollar Performance:
    * The US Dollar Index (DXY) fell 0.3% to 103.4 points
    *  Impact: Dollar weakness supports gold demand from holders of other currencies

Technical Outlook:
*  Key Levels:
    *  Immediate Resistance: $3,650 – $3,655
    *  Main Resistance: $3,670
    *  Immediate Support: $3,630
    *  Main Support: $3,615

*  Technical Indicators:
    * Relative Strength Index (RSI): At 60, indicating moderate bullish momentum
    * Moving Averages: Price trading above the 50-day moving average
    * MACD: Still in positive territory

Trading Expectations:
*  European Session: Sideways trading expected in the $3,635-$3,650 range
*  US Session: Potential test of $3,655 resistance
    *  Upside Scenario: Break above $3,655 could open the way toward $3,665
    *  Downside Scenario: Break below $3,630 could attract some profit-taking

Trading Advice:
* Enter buy positions near $3,635
* Take profits near $3,655-$3,660 levels
* Set stop-loss below $3,625

Conclusion:
Gold is benefiting from weaker-than-expected inflation data, which reinforces expectations of an end to the rate hike cycle. Any pullback toward the $3,625 support level is considered a good buying opportunity for medium-term investors.