Following a lower-than-expected U.S. consumer price index (CPI) report, which measures inflation, gold takes off, exceeding last week’s high (1,935), busting above the 34-Day EMA trend indicator (1,945), and completing a standard ABCD pattern (1,945). Once that level is exceeded gold will have confirmed its bullish reversal on all time frames; daily, weekly, and monthly. The bigger picture in gold remains bullish and today’s price action further confirms the completion of its recent retracement.