Weak Gold drifting towards key support

Gold prices have come under renewed pressure as investors prepare for key inflation reports. Already down about -0.40% into the new trading week, upside momentum might be limited as the US dollar draws strength from a resilient economy amidst aggressive rate hikes by the Federal Reserve. A view of the 4hr chart shows its price within a wedge pattern with the bears already in charge of the current price action after touching the $1946 resistance. Buyers will be looking to show up around $1925 support but a solid close above $1930 could see the bulls maintain the momentum back up the resistance area of the wedge. Failure to secure the near-term support will increase downside risk towards $1912 support.