Gold steadies near US$3,875 ahead of US PPIGoldOANDA:XAUUSDJavanshirAcademyGold has stopped falling as hard as it did overnight, but it has not recovered either. At 10:14am Sydney time on Friday 13 November, Kitco had spot XAUUSD at US$3,875, a little below the US$3,881 print ABC carried around 7:15am. The session range is still wide, from US$3,852 to US$4,001. Price is holding above that low as the market waits for US October PPI, due at 12:30am Saturday, Sydney time. The backdrop has not changed. The US 10-year yield closed at 5.10% on Thursday, and a stronger US dollar has kept the pressure on a metal that pays no interest. Oil headlines and geopolitics are still in the news, but the tape is following yields and inflation expectations. That is the same distinction I have been teaching: a pullback in gold can be about hotter US inflation and bond yields, not war headlines alone. Levels I am watching into the PPI release, as reference points rather than targets: - US$3,852: today's low. A sustained break would put US$3,850 and then US$3,800 in view. - US$3,900: the first level a bounce would need to reclaim. - US$4,000: the psychological mark, and close to today's high. For Australians, also watch the A$ price. With the Aussie around 68.08 US cents, gold was about A$5,694 an ounce at the same snapshot. A weaker currency can cushion a US-dollar decline, so the local move can differ from the headline. Educational only, not financial advice.