Gold unchanged around $1,320 ahead of US CPI

The precious metal is trading almost unchanged so far today, currently hovering over the $1,315/20 mark per ounce troy.

Gold focus on US data

Bullion is posting small gains despite the solid bid tone around the greenback, while market participants keep waiting for US releases.

In fact, US inflation figures tracked by the CPI and the Reuters/Michigan index are due later, with consensus seen consumer prices rising at an annualized 1.0% in August and the consumer sentiment improving during the current month.

In the meantime, Gold traders remain vigilant on today’s key results in the US docket, all in light of the upcoming FOMC meeting on 20-21 September and the likeliness of a rate hike.

Gold key levels

As of writing Gold is losing 0.09% at $1,316.75 and a breach of $1,306.25 (100-day sma) would open the door to $1,301.50 (low Sep.1) and finally $1,255.83 (38.2% Fibo of the 2016 up move). On the other hand, the initial hurdle is located at $1,334.99 (55-day sma) followed by $1,350.50 (high Sep.7) and then $1,366.00 (high Aug.2).