Gold has lost nearly $10 after the US inflation data. CPI m/m came unchanged at 0% compared to a forecast of 0.1% which has increased hopes of more rate cut by the Fed. The number of people filed for jobless claims has reduced to 210000 from an estimate of 215000. The bond yield jumped more than 2% after the data and is currently trading at around 1.610%. The yellow metal hits an intraday low of $1500.85 and is currently trading around $1502.99.
Major intraday support to be watched -$1495 and any break below targets $1484 (55- day EMA MA)/$1469.Minor weakness only below $1460.
Resistance -The yellow metal is facing strong intraday resistance around $1515 and any break above targets $1528/$1540.
Additional Levels
$1445 (38.2% fib)
$1414
$1390 (38.2% fib)
