Gold - in a range of $2,009-$2,037, clearly awaiting the inflation data to determine near-term direction

Gold remains indecisive as the tensions in the Middle East are not impacting the markets as some may have thought. Investors continue betting bigger on equities, hence, the so called ‘safe-haven’ is rangebound between approximately $2,009 and $2,037. Currently, Gold is trading at around $2,022 an ounce with the focus now on the Core PCE data due at 13:30 GMT. Perhaps the data will provide some insight for investors and traders, a rise in inflation should in theory be taken as a negative. Meaning, more-profit taking in stocks and a nudge up for Gold, and vice-versa. However, with the current market a little on edge and stocks pricing in cuts as early as March, caution needs to be in place. A move below $2,009 would then face support at $2,001 followed by $1,973. A move above $2,037 would then face resistance at $2,058 then at $2,062 and then at $2,088. The technical indicators are pretty flat as expected so clearly the market is anticipating this data which could result in a trend shift in the near-term. The MACD is slightly negative-flat and the RSI is neutral as it reads 46.