(Gold prices rose ahead of U.S. inflation data release)

Gold prices experienced an increase before the release of U.S. inflation data.

Despite this increment, gold is on track to record its most significant weekly decline since December 8th.

On Friday, gold prices witnessed a rise, mitigating some of the losses accrued earlier in the week. This upswing was propelled by a combination of mixed economic data from the U.S. and robust demand for gold from China, in anticipation of forthcoming key U.S. inflation figures that investors keenly await to assess the state of the economy.

Despite the increase in bullion prices on Friday, gold was poised for a weekly decrease—the most substantial since early December, predominantly affected by a 2.7% decrease on Monday following the avoidance of a major escalation in the Middle East crisis.

Attention is now shifting to the data for March's core Personal Consumption Expenditures (PCE) index, which is scheduled for release later on Friday. This index is the Federal Reserve's preferred gauge of inflation.

Technically:
The price has surpassed the resistance level at 2342, indicating a potential bullish trend towards 2357.
Should it remain below 2342, there is a likelihood of a decline to 2328. Conversely, if it breaches 2357, the price could ascend to 2369.

Pivot Price: 2342
Resistance Levels: 2357, 2369, 2379
Support Levels: 2328, 2316, 2302

Today's anticipated trading range is between the support level at 2335 and the resistance level at 2369.