{"id":437632,"date":"2026-09-07T15:42:27","date_gmt":"2026-09-07T08:42:27","guid":{"rendered":"https:\/\/www.swingfish.trade\/blog\/market-news\/gold-erases-waller-driven-gains-as-rate-hike-odds-rise-after-hot-nfp-all-eyes-on-us-cpi-next-437632\/"},"modified":"2026-09-07T15:42:27","modified_gmt":"2026-09-07T08:42:27","slug":"gold-erases-waller-driven-gains-as-rate-hike-odds-rise-after-hot-nfp-all-eyes-on-us-cpi-next","status":"publish","type":"post","link":"https:\/\/www.swingfish.trade\/blog\/market-news\/gold-erases-waller-driven-gains-as-rate-hike-odds-rise-after-hot-nfp-all-eyes-on-us-cpi-next-437632\/","title":{"rendered":"Gold erases Waller-driven gains as rate hike odds rise after hot NFP; all eyes on US CPI next"},"content":{"rendered":"
\n

FUNDAMENTAL
\n OVERVIEW<\/p>\n

\u00a0<\/p>\n

Gold spiked to the
\n downside on Friday after the US NFP report<\/a> showed job growth in August almost tripling the
\n consensus estimate of 56K. The losses didn\u2019t last long, though, as most of the
\n NFP-driven moves got faded thereafter. <\/p>\n

This happened
\n because the market focus was not on the NFP report, but on the CPI. The market
\n pays attention to the data that the central bank is focused on, and the Federal
\n Reserve is currently focused on inflation. <\/p>\n

In fact, just a
\n day before the NFP report, Fed\u2019s Waller mentioned that he would support keeping
\n interest rates unchanged at the upcoming FOMC meeting, but a hot CPI would make
\n him consider a rate hike. <\/p>\n

This week is all about the US CPI data. Unless,
\n we get some surprising breakthrough in US-Iran relations, the price action will
\n likely remain mostly rangebound or a bit negative for gold as traders at some
\n point might start hedging into the CPI release. <\/p>\n

A soft or in-line CPI will likely give
\n gold a boost as Fed\u2019s Waller mentioned that he won\u2019t consider a rate hike unless we get a hot CPI<\/a>. Conversely, an upside surprise in core monthly inflation
\n data will likely trigger another selloff in gold on a hawkish repricing. <\/p>\n

\u00a0<\/p>\n

GOLD TECHNICAL ANALYSIS \u2013 DAILY TIMEFRAME<\/p>\n<\/p>\n

On the daily chart, we have
\n a support zone around the 4,311 level. If the price pulls back into the support
\n again, we can expect the buyers to step in with a defined risk below the support
\n to position for a rally into the 4,890 level. The sellers, on the other hand,
\n will want to see the price breaking lower to pile in for a drop into the 3,885
\n level next.<\/p>\n

GOLD TECHNICAL ANALYSIS \u2013 4
\n HOUR TIMEFRAME<\/p>\n<\/p>\n

On the 4 hour chart, we
\n have a downward trendline defining the recent bearish structure. If we get a
\n pullback into the trendline, we can expect the sellers to lean on it with a
\n defined risk above it to keep pushing into new lows. The buyers, on the other
\n hand, will look for a break higher to increase the bullish bets into the 4,890
\n level next.<\/p>\n

GOLD TECHNICAL ANALYSIS \u2013 1
\n HOUR TIMEFRAME<\/p>\n<\/p>\n

On the 1 hour chart, we have
\n a minor resistance zone around the 4,450 level. If the price gets there, we can
\n expect the sellers to step in with a defined risk above the resistance to keep
\n pushing into new lows. The buyers, on the other hand, will look for a break to
\n extend the pullback into the trendline. The red lines define the average daily range<\/a> for today.<\/p>\n

UPCOMING CATALYSTS<\/p>\n

On Thursday<\/a>, we get the
\n US PPI report and the US Jobless Claims figures. On Friday, we conclude the
\n week with the US CPI report.<\/p>\n

This article was written by Giuseppe Dellamotta at investinglive.com.<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

FUNDAMENTAL OVERVIEW \u00a0 Gold spiked to the downside on Friday after the US NFP report showed job growth in August almost tripling the consensus estimate of 56K. The losses didn\u2019t last long,…<\/p>\n","protected":false},"author":216,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[86],"tags":[],"class_list":["post-437632","post","type-post","status-publish","format-standard","hentry","category-market-news"],"_links":{"self":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts\/437632","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/users\/216"}],"replies":[{"embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/comments?post=437632"}],"version-history":[{"count":0,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts\/437632\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/media?parent=437632"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/categories?post=437632"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/tags?post=437632"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}