Gold struggled to gather directional momentum and closed the week with marginal losses.
Gold failed to make a decisive move in either direction. $2,020 aligns as first near-term technical support for XAU/USD. January inflation data will be featured in the US economic docket next week. Investors will scrutinize the January inflation data from the US next week and pay close attention to technical developments for a directional clue.
In the meantime, Richmond Fed President Thomas Barkin told Bloomberg that they have time to be patient on rate changes and said that he needs to see good inflation numbers being sustained and broadening. On Friday, the US Bureau of Labor Statistics announced that it revised the monthly Consumer Price Index increase for December lower to 0.2% from 0.3%. The Core CPI was unrevised at 0.3% for the same period.
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