The 4-hour chart of gold below shows an upward-sloping wedge, the top of which corresponds with approximately the $1950 level. Bulls want a breakout to the upside, with some quick follow-through to put $2000 in reach.
Note that stochastic RSI is looking to turn back up while the price (as I type) seems like it's about to put in a small false breakdown just ahead of the 8.30 AM EST release of PCE data. Is gold telling us that the data will show further "disinflation" taking place? In my opinion, based on the existing upward medium trend coupled with the above picture of price turning up at support, I would not be surprised to see bulls push prices toward $1950 by the end of the day today.
On Tuesday, I wrote that I would like to see silver close the week over $23.90 spot this week; the below 2-hour chart shows the picture for bulls; the cursor represents their target.
Thanks, and have a great weekend.
