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Bullion Higher As USD Eases, Watch US CPI Later

GOLD

Gold prices have been trending higher today and are up 0.3% to $1858.15/oz as the USD DXY is 0.2% lower. Bullion fell 0.65% on Monday despite dollar weakness but analysts expect a rise in the monthly change of headline US inflation in January published later today which may have weighed on the precious metal.

  • Gold is currently trading close to its intraday high of $1858.58 and also its 50-day simple moving average. The low earlier was $1853.49. Near-term key support lies at $1855.5, the January 5 low. Given the USD is expected to weaken over the year, bullion should see upward pressure.
  • Later US CPI data for January print and the annual rates are expected to ease further but headline could see a pick up in the monthly change to 0.5% m/m from 0.1% the previous month.
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