Gold Price Stabilizes Near Key Support Ahead of Critical Inflation and Fed Events

Gold is trading at a critical juncture after its recent sharp decline from August highs. The precious metal has stabilized just above support near the yearly open, but the September range remains unresolved as traders await fresh direction.

The U.S. CPI report due tomorrow and the highly anticipated Fed rate decision next week could prove crucial in determining whether gold can regain its footing or remains vulnerable to another leg lower.

From a trading standpoint, losses below 4230 would expose the 61.8% retracement and raise the risk of a larger trend reversal, while a breach above the 200-day moving average would validate a breakout of the September opening range and mark resumption of the July uptrend.