Gold prices have spiked and dropped on two-way mid-week business following a mix of geopolitical and economic headlines. US CPI heads higher but market questions whether it will last? Gold is currently trading at $1,311.17/oz from a high of $1,318.33 from a low of $1,308.10/oz. Gold prices have found support down at $1,308/oz once again but have also printed a higher high, en-route to R2 located at $,1318.09. The market has been awash with political headlines, but the US CPI was the first major data release for traders to begin to price back in. “Headline inflation in the US is being held down temporarily by energy price falls, but decent growth and a robust labour market suggest price pressures will strengthen,” analysts at ING Bank explained. “US consumer price inflation for January has come in broadly in line with expectations. Lower fuel prices have helped slow the annual rate of headline inflation to 1.6%, the slowest rate since June 2017, but core (excluding food and energy) inflation has held at 2.2% rather than fall to 2.1% as the market was predicting.” The data has fuelled a bid in the greenback as markets price up the probability of a summer Federal Reserve rate hike. The DXY is testing territory out on the 97 handle again with yesterday’s downside considered as a correction only. Gold levels Technically, gold’s rebound leaves a bullish bias on the charts with an upside target territory towards the rising channel through the 23.6% Fibo of the 23rd Jan lows to recent highs of 1326 at 1314.To the downside, the price has been held up ahead of the 1,300 psychological level which guards the 1297 9th Jan highs before the 23.6% Fibo retracement down at 1,287 and then critical support area around 1276. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next UK: Growth slowdown in Q4 and it could get worse – NBF FX Street 3 years Gold prices have spiked and dropped on two-way mid-week business following a mix of geopolitical and economic headlines. US CPI heads higher but market questions whether it will last? Gold is currently trading at $1,311.17/oz from a high of $1,318.33 from a low of $1,308.10/oz. Gold prices have found support down at $1,308/oz once again but have also printed a higher high, en-route to R2 located at $,1318.09. The market has been awash with political headlines, but the US CPI was the first major data release for traders to begin to price back in. "Headline inflation in the US… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.