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22 May 2015
Gold rises to a session high ahead of US CPI report
FXStreet (Mumbai) - Gold prices hit a fresh session high of USD 1213.7/Oz ahead of the data in the US, which could show CPI fell 0.1% year-on-year in April.
Gold trades above key Intraday averages
The metal currently trades above the hourly 100-MA located at USD 1212.79, after having breached the hourly 200-MA located at USD 1211.91. The metal has risen slowly since the Asian session on the back of a sustained weakness in the USD.
Investors now await the US CPI data, which could provide more insight on whether the inflation is moving is approaching or moving away from the Fed’s target of 2%.
Gold Technical Levels
The immediate resistance is seen at 1215.00, above which gains could be extended to 1218-1220. On the flip side, a break below 1205.25 (100-DMA) could drive the metal lower to 1199.71 (50-DMA).
Gold trades above key Intraday averages
The metal currently trades above the hourly 100-MA located at USD 1212.79, after having breached the hourly 200-MA located at USD 1211.91. The metal has risen slowly since the Asian session on the back of a sustained weakness in the USD.
Investors now await the US CPI data, which could provide more insight on whether the inflation is moving is approaching or moving away from the Fed’s target of 2%.
Gold Technical Levels
The immediate resistance is seen at 1215.00, above which gains could be extended to 1218-1220. On the flip side, a break below 1205.25 (100-DMA) could drive the metal lower to 1199.71 (50-DMA).