Gold Targets $4,500 Breakout as Bitcoin Slips on US CPI Data

Gold is on the verge of breaking out above $4,500 per ounce as investors seek safe-haven assets amidst economic uncertainty. The precious metal has gained over 20% year-to-date and technical analysts point to a clear breakout pattern above this key resistance level.

A decisive close above $4,500 could open the door to further upside, with some analysts eyeing $4,800 in the medium term.

The latest Consumer Price Index (CPI) report, which showed a slight cooling in inflation, has reinforced bets that the Federal Reserve will begin cutting interest rates in the coming months. Lower rates reduce the opportunity cost of holding non-yielding assets like gold, making it more attractive to investors.