Gold Price Reversal Tests August Breakout Amid US Inflation Fears

Gold prices have taken a sharp hit over the past two weeks, reversing some of their gains from August. The metal's price has declined by nearly 9% during this period.

Bulls are defending support at the yearly open at $4319, and if they can stabilize the current decline, it could preserve the broader recovery.

The August breakout remains technically viable for now, but bulls need to regain control to keep it intact. Key U.S. inflation data next week will be crucial in determining the next major directional move in gold prices.