Gold Price Struggles at Yearly Open Support Ahead of US CPI Report

Gold prices are struggling to stabilize after a sharp decline from its August highs. The precious metal has pulled back towards its yearly open support, leaving the immediate directional outlook uncertain.

The September opening range remains intact just above this support level. Bulls need to reclaim resistance at $4507/37 to shift the technical focus back towards the August highs. However, losses below slope support would raise the risk of a more significant reversal.

Tomorrow's U.S. CPI report and next week's highly anticipated Fed rate decision are critical events that could determine whether gold can regain its footing or remains vulnerable to another leg lower.