Gold surges sharply after stronger than expected US CPI data, and finally breaks 1833.79 resistance decisively. The development now affirms the case that corrective pattern from 2074.84 has already finished. Near term outlook will now stays bullish as long as 1822.10 support holds. Next target is 100% projection of 1682.60 to 1833.79 from 1757.84 at 1909.03, which is close to next key resistance level at 1916.30.
Long term outlook is gold remains bullish with 38.2% retracement of 1046.27 to 2074.84 at 1681.92 well defended. Sustained break of 1916.30 would be a signal that gold is ready to resume the long term up trend.
