Gold’s rally accelerates higher today, as reaction to Dollar’s post-CPI sell-off. Break of 179.28 resistance confirmed completion of a double bottom pattern (1614.60; 1616.51), which raises the chance of trend reversal.
Further rise is now expected as long as 1701.99 support holds. Next target is 38.2% retracement of 2070.06 to 1614.60 at 1788.58. Sustained break of 1788.58 will pave the wave to 61.8% retracement at 1896.07.
