GOLD: In a short-term downtrend after Powell's comments?

[TradingPuzzles]

Powell continues to make hawkish comments about the economy and the reasons for interest rate cuts.

He repeatedly emphasized the independence of the Federal Reserve (FED) and that its monetary policy is working well. These comments still support the strengthening of the US dollar and unless we face more manipulation, gold could begin the process of dissipating from this new bearish pattern.

Gold has formed a rising wedge pattern, which often signals a bearish reversal. The price has already broken below the wedge, showing early signs of weakness.

If sellers remain in control, the downside targets to watch are:
$3,618
$3,586
$3,530

As long as Gold stays below the wedge, the bearish outlook remains valid. However, if the price climbs back inside the wedge and holds above $3,707, the bearish scenario could fail.

You may find more details in the chart!
Thank you and Good Luck!