Gold jumps to hourly 200-MA in Asia

The bid tone around gold gathered pace in Asia, pushing prices to hourly 200-MA level of $1345/Oz levels, although the move lacks any clear fundamental trigger.

Eyes US data

Metal traders await the release of the US data, which is expected to show the cost of living as represented by the consumer price inflation number eased somewhat in July, while the core CPI remained unchanged at 2.3% y/y.

Meanwhile, industrial production number is seen easing to 0.2% as well. The data sets could move the yellow metal if it manages to alter the Fed rate hike bets.

Gold Technical Levels

Acceptance above $1345 (hourly 200-MA) would open doors for $1356 (Aug 12 high). A violation there could yield $1367 (Aug 2 high). On the other hand, a breakdown of support at $1339 (daily low) would open doors for a drop to $1333 (23.6% of May 30 low – July high), under which losses could be extended to $1323 (50-DMA).