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Bearish wedge suggests more pain for gold bulls
“The US Core PCE price index is due for release later on Thursday. Hotter inflation is likely to seal in a 50-basis points May Fed rate hike. Although concerns over a potential recession, in the face of the recent yield curve inversion and aggressive Fed’s tightening could have a major impact on the dollar and gold valuations.”
“Gold price has confirmed a bearish wedge formation on the four-hour chart. If the bearish momentum extends, XAU/USD could fall further towards the $1,900 mark, below which a test of the March 29 lows of $1,890 will be inevitable.”
“The US Core PCE price index is due for release later on Thursday. Hotter inflation is likely to seal in a 50-basis points May Fed rate hike. Although concerns over a potential recession, in the face of the recent yield curve inversion and aggressive Fed’s tightening could have a major impact on the dollar and gold valuations.”
“Gold price has confirmed a bearish wedge formation on the four-hour chart. If the bearish momentum extends, XAU/USD could fall further towards the $1,900 mark, below which a test of the March 29 lows of $1,890 will be inevitable.”
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