How Gold Is Moving TodayHello everyone, what do you think about OANDA:XAUUSD this week—up or down?
Today, gold saw a slight rebound, recovering over 10 USD during the Asian session, yet overall it remains within a downtrend pattern.
Gold has been under selling pressure following the release of the US PPI for July, which rose 0.9% month-on-month, far exceeding the 0.2% forecast. This fueled expectations that the Fed will be more cautious in cutting rates, supporting the US dollar and putting downward pressure on gold in the current phase.
The impact of this news is still lingering, and gold may continue along the current trend. On the short-term chart, gold is moving within a wedge pattern, with a high probability of a breakout as the price approaches the end of the formation. Careful entry timing is advised.
On the downside, support levels at 3,310–3,330 USD are closely watched. For buyers, potential targets are 3,360–3,370 USD.
Which direction do you think gold will break?
