Spot gold continued its upward trend in early Asian trading on Thursday (September 11), currently trading around $3,646 per ounce. Data released by the US Department of Labor on Wednesday showed that the US Producer Price Index (PPI) unexpectedly declined in August, dragged down by falling service costs. The PPI fell 0.1% month-over-month, compared to expectations for a 0.3% increase; it rose 2.6% year-over-year, compared to expectations for a 3.3% increase. Gold prices climbed on Wednesday due to the weak US PPI inflation data.

The US Consumer Price Index (CPI) for August will be released at 8:30 PM Beijing time on Thursday. Investors will closely monitor the data for clues about further interest rate cuts ahead of the Federal Reserve meeting next week.

Looking at the daily spot gold chart, yesterday's price action was primarily volatile, forming a doji candlestick pattern. Although the price has temporarily slowed its upward trend after hitting a new high on Tuesday, the overall upward trend remains strong. Furthermore, the MACD indicator is still in a golden cross, indicating that bulls are still in control of the trend. Keep an eye on the support provided by the MA5 moving average.

Looking at the 4-hour spot gold chart, yesterday's attempt to push higher failed, and there are signs of a downward correction. Note that when gold prices hit their previous highs, the MACD indicator failed to rise in line with price making new highs. This correction may lead to a pullback in gold prices in the short term. Keep an eye on the MA5 and MA10 moving averages for whether they provide effective resistance. Resistance: 3640-3650-3660. Support: 3630-3620-3610.

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Disclaimer: The article is contributed by the market analyst from Bitop market observation team. The content is solely for personal opinions and sharing. The analysis is time-sensitive and provided for reference and discussion only. It does not constitute any investment advice. The market is risky, so investing should be done cautiously.