A release of update on the US PPI led to 0.97% appreciation of the buck against the yellow metal. Fortunately, this time an effect from the above fundamental event matched with the technical analysis, which also pointed out on the further downfall of the rate. However, after reaching the lower trend-line of a long-term ascending channel the pair made a rebound. From a larger perspective, this turn around means that the gold once again has to start gaining value and try to soar towards the monthly R2, which is located at the 1,374.50 level. From a short-term perspective, the surge is likely to be neutralized by a combination of the 100- and 200-hour SMAs. In addition to that, there is a need to take into account an effect from release of data on the US CPI, which can alter the above scenario.
