Gold: off lows, awaits US data

By FXStreet Gold prices recovered from the intraday low, tracking the oil-led losses in the European equities. Prices currently hover around USD 1230/Oz; largely unchanged on the day.

Eyes CPI data

The immediate focus now is on the US January CPI figure, which is likely to show cost of living dipped 0.1% m/m. However, the core CPI is seen rising 0.2%m/m. The data could affect Fed rate hike bets and influence gold.

Meanwhile, oil price gyrations and the resulting impact on the risk sentiment in the markets could continue to affect the safe haven metal.

Gold Technical Levels

The immediate resistance is seen at 1240 (previous day’s high), above which prices could target 1263.37 (Feb 11 high). On the other hand, a breakdown of immediate support at 1212 (23.6% of Dec low-Feb high) could see prices trickle down to 1200 levels.
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Source:: FX Street