Gold spent the first half of the day on Thursday fluctuating in a relatively tight range amid a lack of fresh catalysts. At the beginning of the American session, however, the commodity gained traction following the macroeconomic data releases from the United States and touched a new session high at $1248.50 as the US CPI printed softer than expected.
As expected, the price eventually followed the momentum and bounced back towards the 1248.50. As long as the price holds above the 1241.35 level, we will be focusing on the $1270 support level.
Support: 1241.4 1238.46 Resistance: 1248.95 1255.12