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Gold trades flat ahead of US CPI data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 16, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Gold remains dead flat around $1232/Oz levels as investors await US data, which will be followed by FOMC rate decision.

    Eyes US CPI

    US CPI in February is seen dropping to 0.9% in February, while core is seen unchanged at 2.2%. Investors may look through the data, especially if it is weak since oil is on the rise on reports OPEC and non-OPEC may reach production freeze agreement at a meeting on April 17.

    Furthermore, investors are likely to stay cautious ahead of FOMC rate decision.

    Gold Technical Levels

    At the time of writing, gold was trading largely flat on the day around $1233/Oz. The immediate hurdle is seen at above 1240 (Feb 18 high). A violation there would expose 1261.15 (previous day’s high). On the other hand, immediate support is seen at 1227 (23.6% of Dec low-Mar high), under which prices could test bid around 1200 levels.
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