Gold Prices May Reach 4,600 as US Inflation Data Eases Interest Rate Concerns

The recent US inflation data has supported gold prices, which may head towards the 4,600 USD/ounce mark. The consumer price index (CPI) in July increased by 0.1% compared to the previous month, while the core CPI, excluding volatile food and energy prices, rose by 0.2%. These figures are close to analysts' forecasts.

This development has eased concerns that the US Federal Reserve (Fed) must continue to raise interest rates in the September meeting. The Fed's policy expectations have changed, with pressure forcing them to continue raising interest rates decreasing significantly. If the next inflation data does not unexpectedly increase sharply, the possibility of the Fed keeping interest rates unchanged may continue to be strengthened.

Gold prices have surpassed the 100-day moving average and approached the resistance zone around 4,474 USD/ounce. According to technical analysis based on the short-term declining triangle model, if gold maintains its current price range and convincingly surpasses this level, the next target for futures gold may be around 4,600 USD/ounce.