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Gold: Bears in control ahead of US CPI

FXStreet (Mumbai) - Gold saw a minor recovery from the daily lows, but bears remain in full control ahead of the monthly US CPI report.

Treasury yields add to bearish pressure

The Treasury yields snapped four day losing streak today as the focus is back on the Fed tightening. The 10-yr yield is up almost 2 basis points at 2.289%, which is adding to the bearish pressure on the metal.

The immediate focus is now on the US CPI report, which could show the cost of living rose 0.1% y/y. The core is seen unchanged at 1.9% y/y. Markets may not react much to a weaker-than-expected figure, since the December liftoff is considered as a done deal.

Gold Technical Levels

At USD 1181/Oz, the immediate support is seen at 1073.97 (Last Thursday’s low), under which the metal could drop to 1032.30 (Mar 2008 high). On the other side, resistance is seen at 1086 (hourly 50-MA and hourly 100-MA), above which the prices could rise to 1091.73 (hourly 200-MA).

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