Gold Technical Analysis

During the European session, the gold was traded around 1,726 as investors were expecting the US Consumer Price Index (CPI) data, due later on Tuesday. As the CPI was released – showing a greater than expected inflation for March – the gold made an up move to 1,748.82, closing near to march’s highest price. With increasing concern about US inflation, the Gold could resume the uptrend, as it’s seen as a safe haven in times of uncertainty. From a technical point of view, if it breaks above the 1,755.00, it could go up to the 1,850,00 level, where it will face some resistance.