Gold Nears $4,347 As CPI Print Tests $3,950 Head-And-Shoulders Target

Gold traded near $4,347 on Friday, sitting on the neckline of a daily head-and-shoulders pattern that points to $3,950 if confirmed. The August U.S. consumer price index is due Friday morning, and the setup comes after Thursday’s producer price index rose 5.4% year over year versus 5.3% expected, according to BeInCrypto, while the 10-year Treasury yield hit 4.95% and markets priced a 67.1% chance of a Federal Reserve hike next week.