• There was a good upside move in Gold price, as it moved above $1265 against the US Dollar.
• There is a connecting resistance trend line at $1278 on the hourly chart of Gold, which prevented further upsides.
• Today in China, the Consumer Price Index for March 2017 (YoY) was released by the National Bureau of Statistics of China.
• The outcome was below the forecast, as the Consumer Price Index increased 0.9%, less than the forecast of 1%.
Gold Price Technical Analysis
There was an upside move in Gold price above the $1262 and $1265 resistance levels against the US Dollar. The price traded towards $1280 where it found a connecting resistance trend line at $1278 on the hourly chart.
The price is currently correcting lower, and may test the 23.6% Fib retracement level of the last wave from the $1247 low to $1279 high.
However, the most important support is near $1267, which also coincides with the 38.2% Fib retracement level of the last wave from the $1247 low to $1279 high. So, if the price dips from the current levels, it could gain bids near $1267-65.