Will GOLD continue its downtrend or break its upper resistance?

The US Consumer Price Index (CPI) printed 0.6% for the month of August, an acceleration of the previous month’s 0.2% printing, and inflation concerns are weighing down the XAU/USD. Annualized CPI rose 3.7% versus the market forecast 3.6%. The uptick in US inflation is causing markets to re-evaluate the odds of further rate hikes from the Federal Reserve (Fed), despite the Fed on pace to hold rates steady at their upcoming rate call next week.While inflation figures are on the rise, many investors are not entirely surprised, and the downside on Gold is limited.

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