Fundamental OverviewYesterday, gold spiked to the cycle highs following another soft US CPI report. The market even started to price in the chance of a third rate cut by the end of the year. Real yields fell and gold rallied as a result.As of now, it looks like gold have limited downside but lots of upside as inflation abates slowly while risks to the growth picture increase the longer the Fed keeps policy restrictive. In the short-term, strong US data might weigh a bit on the market, but in the long-term weak data is likely to trigger bigger upside moves.Gold Technical Analysis – Daily TimeframeOn the daily chart, we can see that gold extended the rally into the 2430 resistance yesterday fo
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