Gold prices sank the most in 3 months alongside the Dow Jones after a slew of rates hikes from central banks in Europe. Is more pain in store for XAU/USD after a wedge breakout?

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Markets remained on the move today through ECB and BoE rate decisions. A massive options expiry is on the calendar for tomorrow, which can keep equities on the move into the end of the week.

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There has been a lot of monetary policy activity the past 24 hours with serious scrutiny paid to the relative hawkishness/dovishness of the major central banks and their respective currencies as well as the implications for general risk trends. However, a remarkable trend that has stood out amid a lot of congestion comes from the New Zealand Dollar.

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The British Pound has snapped back against the US Dollar after this morning’s BoE rate decision and GBP/JPY is still working around some longer-term resistance.

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US equity futures have slumped after recent FOMC dashed expectations of a Fed pivot. With SPX sliding from resistance, stock indices remain under pressure.

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