Gold price is extending the previous rebound above the $2,010 mark. XAU/USD could retest yearly top at $2,032, FXStreet’s Dhwani Mehta reports.

United States Consumer Price Index in the spotlight

“Gold bulls are extending their control while challenging the $2,020 round level. A sustained move above the latter will put the focus back on the $2,032 year high. Weak US CPI data could help Gold buyers achieve that target, with eyes set on the $2,043 pennant target.”

“Hot US inflation data is needed to reinstate Gold sellers, with the immediate support seen at the intersection of the pennant resistance and support at around $1,982. The correction could resume toward the April 4 low at $1,977, thereafter, where the 21-Daily Moving Average (DMA) aligns. Further south, the $1,970 and $1,960 static supports could come to the rescue of Gold optimists.”

See – US CPI: Banks Preview, inflation softening, good news on the horizon?