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The price of gold rallied in the last few hours climbing to as much as 1,868.62 where it has found resistance. The yellow metal loses altitude as the US Dollar Index has resumed its upside movement.
XAU/USD rallied right after the United States inflation data was released. As you already know, the CPI registered a 0.9% growth versus 0.6% expected, while the Core CPI increased by 0.6% beating 0.4% expected. In addition, the Unemployment Claims indicator was reported at 267K, above 257K expected in the previous week.
Gold extended its upwards movement as the yellow metal is used as a hedge against inflation. It has ignored the 1,834.04 upside obstacle confirming strong buyers in the short term. Technically, a temporary decline was somehow expected after the rally.
It has registered only a false breakout with great separation above the weekly R2 (1,857.92), so a temporary decline towards the R1 (1,838.01) and down to the 1,834.04 is natural.
XAU/USD could come back down to test and retest the broken levels before starting to increase again. Developing a continuation pattern above 1,834.04 or making a strong consolidation above this level could bring fresh new long opportunities.
Gold could still increase if it stays above 1,834 despite a temporary decline after its rally.
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