Gold is confined within a massive descending wedge
Gold is confined within a massive descending wedge, consistently printing lower highs against the primary support. Price recently rebounded into a localized bullish channel but now struggles against dynamic resistance, signaling bearish exhaustion.
This compression indicates that a breakdown below the local channel is imminent. A clean drop below $4,160 acts as our invalidation of the short term recovery, triggering a downward continuation towards the wedge base at $4,050.
DATA Today's USD Core PCE and GDP releases may drive volatility if prints exceed forecasts.
Key Levels Resistance: $4,220 Support: $4,050
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