Summary

• Precious commodities traders were caught off guard by this morning's higher-than-expected US inflation report.
• Still, the metals complex is holding strong relative to the tech-heavy Nasdaq and the broader cryptocurrency market, which are seeing much sharper declines today.
• Importantly, gold has stayed resilient even with recent hawkish data and the fast-paced rise in crude oil prices.
• Here, we take a look at a multi-timeframe analysis of gold to look where the action could head for the rest of the week, if not weeks.

By Elior Manier

After yesterday's sharp rally in alternative precious metals, with copper, platinum, and silver all surging as Chinese inflation reached a 45-month high, the strong upward momentum has now eased.

However, precious commodities

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