CAPITAL MARKETS OUTLOOK Gold & Bitcoin: CPI SELL-OFF INCOMING A Fundamental and Technical Analysis on XAUUSD and Bitcoin by Tamas Horvath 09.06.2026 KEY POINTSNFP printed 172K jobs in May — nearly double the 85–95K consensus. Gold lost 4.68% in five sessions, closing at $4,327. The rate-cut narrative that drove gold’s 2026 rally is gone. Rate-hike probability for November/December surged to 50– 70%.Gold traders face a pivotal week as CPI and PPI data test the post-NFP selloff. Inflation trends will determine the next move in XAU/USD.After the NFP shock reset Fed expectations, gold traders now look to CPI and PPI data for clues on the next major market move.Fragile geopolitical environment keeps traders alert. Last week’s NFP print changed the conversation. The U.S. economy added 172,000 jobs in May against a consensus of 85–95,000 — nearly double what the market expected. The rate-cut narrative that had been the backbone of gold’s 2026 rally collapsed in hours. Rate-hike odds surged to 50–70% for November/December. The 10-Year yield ripped higher. The Dollar Index firmed. Equity markets sold off hard enough to trigger margin calls, forcing mechanical liquidation across commodities — including gold. The yellow metal fell 4.68% in five sessions and closed the week near its lows.This week, CPI and PPI will either validate that repricing or challenge it. One path leads to $4,099. The other opens a relief rally back toward $4,481. The head-and-shoulders pattern now forming on the chart is the technical warning shot. There is very little middle ground. US2Y YIELDS BLOWING UP — WHAT CHANGED The 2-Year U.S. Treasury yield is the bond market’s cleanest proxy for near-term Federal Reserve expectations. In April, it sat at 3.85%. It now trades at 4.15% — a 30 basis point move in roughly eight weeks. The 10-Year yield is at 4.55%. Every tenor on the yield curve has shifted higher since the spring, with the short-to-medium maturities showing the most dramatic repricing because the market is now pricing rate hikes, not rate cuts. Compare the current yield curve to April 6: the short end (1M–2Y) has moved the most aggressively, the belly (5Y–10Y) has re-priced sharply, and the long end (20Y– 30Y) is above 5%. This is not a subtle shift. This is a regime change in rate expectations. The practical consequence for gold is direct: SELL. Chart 1. US Treasury Yield Curve (Tradingview, 2026). THE INFLATION GAUGE — CPI & PPI Wednesday’s CPI and Thursday’s PPI are the most important economic prints of the month for gold. The NFP reset the rate conversation. These data points decide whether that reset becomes permanent — or whether bulls get a reprieve. WEDNESDAY, JUNE 10 — CONSUMER PRICE INDEX THURSDAY, JUNE 11 — PRODUCER PRICE INDEX The headline numbers tell an uncomfortable story. CPI YoY is forecast to rise to 4.2% from 3.8% — an acceleration, not a deceleration. The MoM reading of 0.3% looks better than April’s 0.6%, but that comparison is misleading: the April spike was partly base-effect driven. Core CPI YoY ticking up to 2.9% confirms that underlying inflation is not cooling materially. The PPI numbers are the more alarming signal. Producer prices at 6.0% year-on-year represent significant wholesale cost pressure still in the pipeline — these figures feed future CPI with a lag. Core PPI at 5.2% means even stripping out food and energy, producer inflation is running hot. This is the input that gives the Federal Reserve no room to move. GOLD (XAUUSD) Chart 2: XAUUSD Outlook (Source: The AlphaFX, TradingView, 2026). Gold just confirmed a Head & Shoulders breakdown — and the chart is pointing to $4,000. The neckline cracked at $4,317, the right shoulder is in, and the measured move targets the $3,980–$4,020 zone. Every bounce into $4,349–$4,369 is resistance until proven otherwise. The descending channel is intact, CPI drops Wednesday, and there is nothing on this chart that says buy. First stop $4,212. Next stop $4,083. The $4,000 level is no longer a crazy idea — it’s the measured target. THE WEEK AHEAD Keep tabs on all the events that may impact the markets through our AI-powered economic calendar, powered by Acuity. OPEN CALENDAR ABOUT THE AUTHOR Tamas Horvath is a former London fixed-income trader and the founder of Alpha FX Academy, where he delivers professional mentorship and training in forex, commodities, indices, and gold. PLEASE READ: This material is provided for marketing purposes and follows the general principles applicable to marketing communications under MiFID II, however, 4XC is not regulated under MiFID II and is not subject to its requirements. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of its dissemination. This newsletter is intended exclusively for our registered clients and contains market analysis that does not constitute personalized investment advice. Trading involves risk, and past performance is not indicative of future results.
CAPITAL MARKETS OUTLOOK Gold & Bitcoin: CPI SELL-OFF INCOMING A Fundamental and Technical Analysis on XAUUSD and Bitcoin by Tamas Horvath 09.06.2026 KEY POINTSNFP printed 172K jobs in May — nearly double the 85–95K consensus. Gold lost 4.68% in five sessions, closing at $4,327. The rate-cut narrative that drove gold’s 2026 rally is gone. Rate-hike probability for November/December surged to 50– 70%.Gold traders face a pivotal week as CPI and PPI data test the post-NFP selloff. Inflation trends will determine the next move in XAU/USD.After the NFP shock reset Fed expectations, gold traders now look to CPI and PPI data for clues on the next major market move.Fragile geopolitical environment keeps traders alert. Last week’s NFP print changed the conversation. The U.S. economy added 172,000 jobs in May against a consensus of 85–95,000 — nearly double what the market expected. The rate-cut narrative that had been the backbone of gold’s 2026 rally collapsed in hours. Rate-hike odds surged to 50–70% for November/December. The 10-Year yield ripped higher. The Dollar Index firmed. Equity markets sold off hard enough to trigger margin calls, forcing mechanical liquidation across commodities — including gold. The yellow metal fell 4.68% in five sessions and closed the week near its lows.This week, CPI and PPI will either validate that repricing or challenge it. One path leads to $4,099. The other opens a relief rally back toward $4,481. The head-and-shoulders pattern now forming on the chart is the technical warning shot. There is very little middle ground. US2Y YIELDS BLOWING UP — WHAT CHANGED The 2-Year U.S. Treasury yield is the bond market’s cleanest proxy for near-term Federal Reserve expectations. In April, it sat at 3.85%. It now trades at 4.15% — a 30 basis point move in roughly eight weeks. The 10-Year yield is at 4.55%. Every tenor on the yield curve has shifted higher since the spring, with the short-to-medium maturities showing the most dramatic repricing because the market is now pricing rate hikes, not rate cuts. Compare the current yield curve to April 6: the short end (1M–2Y) has moved the most aggressively, the belly (5Y–10Y) has re-priced sharply, and the long end (20Y– 30Y) is above 5%. This is not a subtle shift. This is a regime change in rate expectations. The practical consequence for gold is direct: SELL. Chart 1. US Treasury Yield Curve (Tradingview, 2026). THE INFLATION GAUGE — CPI & PPI Wednesday’s CPI and Thursday’s PPI are the most important economic prints of the month for gold. The NFP reset the rate conversation. These data points decide whether that reset becomes permanent — or whether bulls get a reprieve. WEDNESDAY, JUNE 10 — CONSUMER PRICE INDEX THURSDAY, JUNE 11 — PRODUCER PRICE INDEX The headline numbers tell an uncomfortable story. CPI YoY is forecast to rise to 4.2% from 3.8% — an acceleration, not a deceleration. The MoM reading of 0.3% looks better than April’s 0.6%, but that comparison is misleading: the April spike was partly base-effect driven. Core CPI YoY ticking up to 2.9% confirms that underlying inflation is not cooling materially. The PPI numbers are the more alarming signal. Producer prices at 6.0% year-on-year represent significant wholesale cost pressure still in the pipeline — these figures feed future CPI with a lag. Core PPI at 5.2% means even stripping out food and energy, producer inflation is running hot. This is the input that gives the Federal Reserve no room to move. GOLD (XAUUSD) Chart 2: XAUUSD Outlook (Source: The AlphaFX, TradingView, 2026). Gold just confirmed a Head & Shoulders breakdown — and the chart is pointing to $4,000. The neckline cracked at $4,317, the right shoulder is in, and the measured move targets the $3,980–$4,020 zone. Every bounce into $4,349–$4,369 is resistance until proven otherwise. The descending channel is intact, CPI drops Wednesday, and there is nothing on this chart that says buy. First stop $4,212. Next stop $4,083. The $4,000 level is no longer a crazy idea — it’s the measured target. THE WEEK AHEAD Keep tabs on all the events that may impact the markets through our AI-powered economic calendar, powered by Acuity. OPEN CALENDAR ABOUT THE AUTHOR Tamas Horvath is a former London fixed-income trader and the founder of Alpha FX Academy, where he delivers professional mentorship and training in forex, commodities, indices, and gold. PLEASE READ: This material is provided for marketing purposes and follows the general principles applicable to marketing communications under MiFID II, however, 4XC is not regulated under MiFID II and is not subject to its requirements. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of its dissemination. This newsletter is intended exclusively for our registered clients and contains market analysis that does not constitute personalized investment advice. Trading involves risk, and past performance is not indicative of future results.