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Gold trades flat ahead of the CPI data

FXStreet (Mumbai) - Gold is trading in the sideways manner ahead of the US monthly CPI data due for release at 12:30 GMT.

The yellow metal currently trades 0.24% lower at USD 1248.70/Oz levels. Moreover, the metal lacked any trigger during the European session, especially since the major European equity indices are trading flat. Meanwhile, the Treasury yields too are trading flat ahead of the CPI data, providing no cues for the Gold prices.

Gold prices may get a boost if the CPI data highlights a fall in the price pressures, leading to a fall in the treasury yields.

Gold Technical levels

The yellow metal may rise to 1263 levels if the resistance of 1255 is breached. On the other hand, prices may fall to 1238 levels if the metal fails to sustain gains above 1235 levels.

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