Gold prices struggle to sustain above $2900 throughout the Asian Session on Tuesday, edges lower ahead of US CPI data due for Wednesday.

Gold prices rebounded from a five day low of $2880 in Tuesday's early session but struggled to breach $2900. After delaying of 25% of tariffs imposed on Canada and Mexico, uncertainty looming around Trump's policies continue to weigh down on market sentiment. The Dollar and U.S. 10 year bond yields are mildly up today acting as a headwind for the yellow metal. Investors are awaiting the monthly U.S. CPI report which could shape the trajectory of Fed's monetary policy stance in its upcoming meeting. CPI data from the previous month suggested that inflation remained elevated as a result of Trump's inflationary measures. A higher than expected Consumer Price Index number could fuel expectations for a rate hike boosting the Dollar which in turn could lead the Gold prices to drift lower. 

GOLD TECHNICAL ANALYSIS

Technical Structure: Bearish Candle on Daily, Trading below 20SMA on Daily, Triple Bottom on 1hr.

Intraday Strategy/ Intraday Trend: Buy on Supports, Sell on Resistance/ Neutral

Weekly Trend: Neutral to Bullish

Major Resistance: 2901, 2907, 2916

Major Support: 2891, 2880, 2872