While the CME FedWatch tool indicates a 93% probability of the Fed maintaining the status quo in their September meeting, the odds tilt towards a 41% likelihood of a rate hike by November. Short-Term Forecast: Tentative Holding With the U.S. dollar index reclaiming some territory pre-CPI data release, gold prices face an uncertain future. In the absence of minor support and resistance points and with the price positioned below both key moving averages, the short-term sentiment leans bearish for Spot Gold.