As Dollar is sold off broadly after CPI release, a focus is now on Gold, which also jumps higher. The first hurdle is 2032.05 near term resistance. Rejection by this level, followed by break of 2006.02 support, will extend the corrective pattern from 2032.05 with another falling leg. However, firm break of 2023.05 will resume whole rally from 2022 low at 1614.60 and target 2070.06/2073.84 key resistance zone. If realized, an upside break should confirm underlying downside momentum in Dollar elsewhere.
Meanwhile, next hurdle would be 2070.06/2073.84 key resistance zone. Sustained break there will confirm long term up trend resumption for new record highs.
