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Gold extends rebound, heading back to 1833 resistance

Gold rises strongly today after Dollar failed to ride on strong consumer inflation data to rally. The break of 1787.02 resistance now argues that pull back from 1833.79 has completed at 1721.46 already. The break above 55 day EMA is also a near term bullish signal.

Further rise is now in favor back to 1833.79 resistance. That’s a key near term level to overcome and firm break there would resume the rise from 1682.60 to 1916.30 resistance. That, if happens, could be a signal of deeper pull back in Dollar. We’ll pay very close attention to the reaction from 1833.79.

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