XAUUSD Gold Technical Analysis October 16th

Fundamentals of XAUUSD GOLD :

Weak inflation pushed gold to nearly three-week highs Friday and momentum will likely spill over into next week, according to analysts.
Ending a four-week losing streak, the gold market spiked above $1,300 at the start of the North American trading session, in reaction to disappointing Consumer Price Index data. While gasoline prices pushed headline inflation to an annual rate of 2.2% — the highest reading since April — core CPI inflation, which strips out energy and food prices, remained unchanged at 1.7%.