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Bullion Down As Markets Wait For Tuesday’s US CPI Data

GOLD

Gold prices have been moving sideways for most of February, as signs grow that Fed rates may peak higher than previously expected. They rose 0.2% on Friday and are now down 0.4% to $1858.80/oz, just above the 50-day simple moving average. During the APAC session they reached a high of $1864.05 followed by a low of $1858.19. The US dollar is up slightly.

  • On Friday bullion broke through support of $1855.50 briefly. Trend conditions remain bearish and gold is in a corrective cycle for now.
  • Later the focus is likely to be on Fed Governor Bowman ahead of US CPI on Tuesday, as data is scarce. The market is waiting for US January CPI data, which is expected to show a further moderation in inflation.
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