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Gold price gained as the USD dropped deeper against its rivals. The metal is trading at $1,919 at the time of writing. 

XAUUSD W1 01 16 2023 1301

The bias is bullish; that’s why the yellow metal could resume growth despite temporary drops. Fundamentally, the XAU/USD jumped higher after the US Consumer Price Index reported a 0.1% drop in December, while U.S CPI y/y came in at 6.5%, as expected.
Technically, the price of gold retreated a little. However, the outlook remains bullish despite temporary drops. After taking out the $1,879 resistance, the price action signaled an upside continuation.
After the US inflation data, the XAU/USD registered a false breakdown with a good trend below the $1,879 level. 


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