Gold may rise as a pickup in US CPI stokes inflation-hedge demand while crude oil looks to Industrial Production data and guidance from CSX Corp for direction.

GOLD (Spot) intraday: up turn.

Pivot: 1734.00 Our Preference: LONG positions above 1734 with targets @ 1749 & 1757. Alternative scenario: The downside breakout of 1734 will open the way to 1729 & 1724. Comment: the RSI is bullish and calls for further upside.

Gold may rise as a pickup in US CPI stokes inflation-hedge demand while crude oil looks to Industrial Production data and guidance from CSX Corp for direction.

Spot Gold (NY Close): $1737.55 // -16.93 // -0.96%

Prices continue to break down as expected after putting in a Dark Cloud Cover candlestick pattern at resistance in the 1790.55-1802.80 area. Sellers have now broken past support at 1747.20, 23.6% Fibonacci retracement at, aiming to challenge 38.2% level at 1717.13 next. The 1747.20 level has been recast as resistance, with a reversal above that exposing the bottom of a broken Rising Wedge pattern now at 1766.28.
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