Gold (XAUUSD) is trading at annual highs again, with the market awaiting US inflation data

XAUUSD price is again approaching an all-time high of 2,532 USD, which has already restrained price growth several times. Market participants are focusing on US inflation data. Find out more in our XAUUSD analysis for today, 11 September 2024.

XAUUSD forecast: key trading points

• Market focus: market participants are awaiting US inflation statistics today
• Current trend: the long-term trend is upward; gold is consolidating within a sideways range on the H4 chart
• XAUUSD forecast for 11 September 2024: 2,532 and 2,470

Fundamental analysis

XAUUSD price is trading in an uptrend, supported by demand from global central banks and the beginning of the US Federal Reserve monetary policy easing. At the start of the week, gold prices traded below 2,500 USD as part of a correction. However, after encountering active demand from buyers, the price rose above this level again.

Market participants will focus on US inflation statistics today and tomorrow, with the Consumer Price Index (CPI) and the Producer Price Index (PPI) scheduled for release. A decline in inflation will exert pressure on the USD and help strengthen gold. Conversely, a rise in inflation will support the US dollar, potentially causing XAUUSD quotes to fall.

XAUUSD technical analysis

The XAUUSD H4 chart shows a sideways price range, with the upper boundary at 2,532 USD and the lower at 2,470 USD. The range’s lower boundary coincides with the upper line of the previously formed triangle pattern. The direction of the price movement out of the sideways range will determine a further trend in gold price movements.

The short-term XAUUSD price forecast suggests that the price could rise further to 2,600 USD if it breaks above the sideways range (surpassing an all-time high of 2,532 USD). If bears gain a foothold below 2,470 USD, the daily trend could reverse downwards, with the price declining to 2,400 USD.

Summary

Gold continues to consolidate near an all-time high of 2,532 USD. US inflation statistics could drive XAUUSD out of the existing price range.