Gold Price Fights to Stabilize Ahead of Key Event Risk

Gold prices are attempting to stabilize after a sharp correction from August highs. Price has pulled back toward yearly open support, but the immediate directional outlook remains unresolved.

The September opening range is intact just above support, keeping traders waiting for fresh direction. Bulls need to reclaim resistance to shift the technical focus back toward the August highs, while losses below slope support would raise the risk of a more significant reversal.

With U.S. CPI on tap tomorrow and the Fed decision looming next week, the coming sessions could prove critical in determining whether gold can regain its footing or remains vulnerable to another leg lower.