Gold Price Forecast: XAU/USD gains upward traction ahead of US CPI

XAU/USD has regained upward traction amid Middle East ceasefire and reports that Israel opened talks with Lebanon, which reduced safe-haven demand for the dollar and helped gold rise. Weak US macro data (Q4 GDP revised to 0.5% annual, weekly jobless claims at 219K) added to broad USD weakness ahead of the March CPI print, forecast at 3.3% YoY, a release likely to trigger volatility and reprice rate expectations. Technicals are bullish in the short term: price sits above the 4‑hour 20- and 100-period SMAs and near-term bias is to the upside, with immediate support around the 20-period SMA (~$4,725) and resistance clustered near the 200-period SMA (~$4,888). Overall market tone is cautiously bullish for gold into the CPI release, with key moving averages providing defined supports and a weekly peak near $4,875 as the next upside target.