Gold (XAU/USD) Outlook Ahead of U.S. CPI Gold (XAU/USD) is trading near $4,690 , with market sentiment focused on the upcoming U.S. CPI report, a crucial indicator that could shape expectations for future Federal Reserve policy moves. 📈 Bullish Scenario: A weaker-than-expected inflation reading may reinforce expectations of Fed rate cuts, weighing on the U.S. dollar and Treasury yields, factors that typically support gold prices. If gold sustains momentum above $4,730 , the next upside targets could emerge at $4,770 , followed by $4,820 and potentially $4,890. 📉 Bearish Scenario: On the other hand, a hotter-than-expected CPI figure could strengthen the U.S. dollar and lift bond yields, creating pressure on non-yielding assets like gold. A confirmed break below $4,670 could expose downside levels at $4,640 , with further weakness potentially extending toward $4,580 and $4,510.