The gold market has rallied in the wake of a tame U.S. consumer price index report released on Wednesday morning. The upbeat CPI data suggests the Federal Reserve may be at the end of its U.S. monetary policy tightening cycle, and that a U.S. recession may be avoided. That’s a positive for metals from a demand perspective. And it’s also bearish for the U.S. dollar index, which usually trades in an inverse fashion with the gold market. The gold bulls have momentum as a price downtrend on the daily bar chart has been negated and a fledgling price uptrend is now in place. Stay tuned! Jim Wyckoff