Gold Technical Analysis: Bulls await a convincing break through 8-week old trading range

   •  The precious metal rallied hard to near three-week tops in a knee-jerk reaction to softer-than-expected US CPI figures, which dampened expectations for a faster pace of Fed rate hikes.

   •  The positive momentum once again stalled near an eight-week-old trading range resistance amid a modest USD recovery and goodish pickup in the US equity markets. 

   •  Meanwhile, technical indicators on hourly/daily charts have started gaining positive momentum and thus, increase prospects for a near-term bullish breakout.

   •  However, it would be prudent to wait for a sustained move beyond the mentioned barrier before traders start positioning for any further near-term appreciating move.
 

Gold daily chart