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Gold wobbles ahead of US CPI and weekly jobs data

FXStreet (Mumbai) - Gold prices have weakened marginally as investors await the monthly inflation report and the weekly jobs report in the US.

Gold traded 0.43% lower at USD 1888.80 levels at the time of writing. The metal shed about USD 8 as investors brace up for the CPI data, which is likely to show a fall in the cost of living in October. Meanwhile, the initial jobless claims for the last week are projected at 284K, compared to the previous week’s reading of 290K.

The yellow metal may rise if the CPI falls more than market expectations as the weak inflation would mean a delay in the interest rate hike in the US, while a fall in jobless claims should push gold prices lower.

Gold Technical Levels

Gold has an immediate support located at 1179, under which losses could be extended to 1160.50 levels. Meanwhile, resistance is seen at 1196.60 and 1204 levels.

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