On Wednesday (September 9), spot gold rose 1.40% during the US trading session, even as the dollar gave back some of its earlier losses; this followed the US Treasury's announcement that it would conduct bond repurchase operations in the 10-year and 20-year bond auctions on September 10. Coupled with investors awaiting the release of US inflation data, gold prices found support and traded around $4416. Gold consolidates around $4,400 ahead of key US inflation data release. Gold prices have been trading in the $4,340-$4,400 range for the past two trading days, with a tendency towards further consolidation. Following the US Treasury's announcement of a repurchase agreement, US Treasury yields rose, with the 10-year benchmark Treasury yield increasing by 5 basis points to 4.845%, putting downward pressure on gold. The US Treasury stated its plan to repurchase up to $6 billion of existing bonds with remaining maturities in the 10-20 year range. This is Secretary Scott Bessant's first repurchase operation since taking office, aimed at curbing the rise in US Treasury yields, particularly suppressing the upward trend at the long end of the 10- to 30-year yield curve. Earlier data showed that the four-week moving average of US ADP employment was 12,000, higher than the revised 10,000 of the previous week. Combined with last Friday's non-farm payroll report and Fed Chairman Warsh's statement that the employment data "meets full employment," if the US inflation data on Thursday and Friday provides a corresponding signal, the Fed will have the conditions to raise interest rates. According to data from Prime Terminal, money market pricing indicates that investors expect the Federal Reserve to raise interest rates by 25 basis points at its September 15-16 policy meeting, with a 63% probability of a rate hike and approximately a 37% probability of keeping rates unchanged. In addition to US inflation data, traders will also be watching US initial jobless claims data and the preliminary September University of Michigan Consumer Sentiment Index. Gold Technical Outlook: Gold rebounded from the 100-day moving average, targeting $4450. (Spot Gold Daily Chart Source: FX678) Gold prices rebounded from strong support at the 100-day Simple Moving Average (SMA) at $4343, but subsequently remained in a sideways trading range. The Relative Strength Index (RSI) indicates that bullish momentum is strengthening; however, the September 8 high of $4425 acts as key resistance, limiting further upside for gold, which is currently unable to retest the $4500 level. If the bulls successfully break above $4500, the next key target is the 200-day moving average at $4537. If this level is broken, gold prices will look towards $4600, followed by the psychological level of $4650, and the intraday high of $4697 on August 25. On the downside, if gold prices fall below $4400, the 100-day moving average will become the first line of defense. Once this support is breached, the next support level is the cycle low of $4282 on September 2, followed by the 50-day moving average at $4261, and the psychological level of $4200.