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Gold steadies around $ 1185, awaits US CPI

FXStreet (Mumbai) - The yellow metal keeps its range-trade intact on Thursday, halting a 4-day winning streak, as markets booked profits after the recent strength and now eye the US macro data for fresh cues.

US CPI data in focus

Currently, gold trades 0.41% higher at 1184.60, retracing a part of yesterday’s upsurge. Gold prices continue to hover in a slim range, consolidating previous heavy gains as gold traders remain on the side-lines ahead of the key risk event, the US CPI, due later today.

The bullion keeps range around the multi-month highs reached at 1189 levels and gathers pace to pierce through the crucial 1200 barrier in case the US CPI data disappoints markets and completely pares back Fed rate hike chances for this year. While the March 2016 Fed rate hike bets are also seen dropping to 50% from pre-retail sales 54%.

Meanwhile, broad based US dollar recovery also appears to restrict further gains in the bullion. The USD index trades 0.10% higher at 94.06.

Gold Technical Levels

The metal has an immediate resistance at 1189/1190.30 (Oct 14 High & daily R1) and 1200 (round figure). Meanwhile, support stands at 1178.80 (daily pivot) below which doors could open for 1170.11 (hourly 50-SMA).

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