Gold Pauses Ahead of Inflation Data – Will 3,720 Hold?GoldOANDA:XAUUSDEmmaChartistHello everyone, let’s take a quick look back at the performance of gold during the past week. Looking back at the performance of gold in the past week (22/09 – 28/09), gold (XAU/USD) saw quite a bit of volatility, opening around 3,774 USD and closing at 3,759 USD, marking a slight decrease of 14.51 USD (-0.38%). Despite closing in the red, gold still showed positive signals by reaching a weekly high of 3,783 USD. Notably, on 26/09, gold made a strong breakout due to US inflation data that temporarily weakened the USD, but selling pressure returned towards the end of the week as the Fed remained firm with its high-interest rate policy, causing a cooling off in gold prices. As we move into the new week, the outlook for gold remains quite optimistic if the critical support level at 3,720 USD holds. This is seen as a key foundation for a potential recovery, with nearby resistance levels at 3,780 USD and 3,800 USD. In the positive scenario, gold could rise from 3,720 USD to 3,800 USD, representing a potential move of approximately 80 pips. On the other hand, if selling pressure increases and the price breaks through 3,720 USD, the next support level will be 3,700 USD, with a risk of a decline by 20-30 pips. What do you think, will gold hold above 3,720 USD in the new week? Let us know your thoughts!