Gold: Key levels to watch (US Session)

Gold has lost nearly $4 after release of US CPI data. It came slightly weaker than expected

            Actual    Forecast

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.