Gold has lost nearly $4 after release of US CPI data. It came slightly weaker than expected
Core CPI m/m +0.1% 0.2%
CPI m/m +0.1% 0.1%
Annual inflation 1.8% 2.1%
Major support to be watched -$1319 yesterday’s low. Any break below targets $1309/$1300.It should break below $1300 for minor weakness.Major trend reversal only below $1266.Below that level targets $1250.Minor support is around $1330.
Resistance -The yellow metal is facing strong intraday resistance around $1338 and any break above targets $1348 . Any bullish continuation only above $1350.