Gold rebounded in the final part of last week despite higher than expected US inflation data. The driver, as it’s usually the case for gold, was the fall in real yields which are a function of nominal yields and inflation expectations.In fact, inflation expectations have remained largely unchanged due to the persistently elevated energy prices and the not so hawkish Federal Reserve. Nominal yields, on the other hand, dropped following the US inflation data alongside growth sensitive assets like stocks and copper for example. That might have been an early signal of growth concerns.Gold generally does well when there are growth concerns amid high inflation. The next key catalyst to watch would be the US Flash PMIs on Friday. If the data surprises to the downside, growth concerns might increase and we could see a dovish repricing further out the curve. This scenario should be bullish for gold as real yields would fall. A stronger than expected reading, on the other hand, could quell growth fears and drag the precious metal down again. GOLD TECHNICAL ANALYSIS – DAILY TIMEFRAMEOn the daily chart, we can see that gold(CFD contract) is consolidating around the downward trendline. We can expect the sellers to step in here, with a defined risk above the trendline, to position for a drop into the 3,885 level. The buyers, on the other hand, will want to see the price breaking higher to pile in for a rally into the 4,700 level next, with the 4,500 level as the first target.GOLD TECHNICAL ANALYSIS – 4 HOUR TIMEFRAMEOn the 4 hour chart, we have a strong resistance zone around the 4,228 level. The sellers might want to split their short position in case the price probes above the trendline to test the resistance. The buyers, on the other hand, will need the price to break above the resistance to open the door for new highs and target the 4,400 level next. GOLD TECHNICAL ANALYSIS – 1 HOUR TIMEFRAMEOn the 1 hour chart, we have a minor support zone around the 4,130 level. If we get a pullback from the trendline or the resistance, we can expect the buyers to step in around the support, with a defined risk below it, to keep pushing into new highs. The sellers, on the other hand, will look for a break lower to increase the bearish bets into the 3,885 level next. The red lines define the average daily range for today.UPCOMING CATALYSTSOn Thursday we get the latest US Jobless Claims figures, while on Friday we conclude the week with the Flash US PMIs. This article was written by Giuseppe Dellamotta at investinglive.com.