All eyes are on U.S. CPI data which is expected to have climbed 0.4% in January. Revisions to the previous data showed consumer prices rose in December instead of falling as previously estimated.

If the disinflation trend shows signs of slowing, then caution over a hawkish Fed could undermine risk on sentiment which will hammer gold and lift USD.


Lower than expected CPI (it means less restrictive monetary policy)
Gold.  
Stocks  
USD  

Higher than expected (it means more monetary tightening)
Gold  
Stocks
USD