Gold rebound eyes $1,848 key hurdle, US PMI, Fed in focus
From a technical perspective, the overnight break through the $1,830-$1,832 resistance zone might have already set the stage for additional gains. Hence, a subsequent strength towards testing a downward-sloping trend-line extending from June 2021 swing high, currently around the $1,860 region, remains a distinct possibility.
On the flip side, any pullback towards the $1,832-$1,830 resistance breakpoint might now be seen as a buying opportunity. A convincing break below might prompt some technical selling and accelerate the fall towards the $1,812 horizontal zone. The next relevant support is pegged near the very important 200-day SMA, currently around the $1,804 region, ahead of the $1,800 round figure.
The market bets were reaffirmed by last week's data, which showed that the headline US CPI surged to the highest level since June 1982 and core CPI registered the biggest advance since 1991. The prospects for an eventual Fed lift-off continued underpinning the US dollar and should hold back traders from placing aggressive bullish bets around the dollar-denominated commodity.
The outcome will be looked upon for clearer signals about the likely timing when the Fed will commence its rate hike cycle. This will influence the near-term USD price dynamics and provide a fresh directional impetus to the XAU/USD. In the meantime, gold is more likely to consolidate in a range amid absent relevant market moving economic releases from the US.
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