Cooling US Inflation Triggers Gold's Breakout to $8,000

Gold's price correction from $5,600 has left it under pressure, but its long-term structure remains bullish. According to analysts, the cooling U.S. inflation rate has reduced expectations of a September Fed rate hike, setting the stage for gold to break above $5,000.

The support zone at $3,900 is crucial in this regard, as a sustained breach above it would confirm the end of the correction and potentially send gold soaring towards $8,000. However, technical levels suggest that gold remains under pressure, making it essential for investors to closely monitor market developments.