Gold prices fell ahead of key US CPI data due later on Tuesday. XAU/USD is flirting with breaking under a bearish Rising Wedge ahead of the data. Will it be punished?

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Anxiety is rippling through the markets in advance of the heavy event risk ahead. While the FOMC rate decision may be the peak event – particularly for the US – the last release of US CPI proved a serious event itself. The anticipation is so extreme that both the VIX and S&P 500 rallied in tandem the most in over 25 years.

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CPI releases over the past two months have been massive bullish drivers for the S&P 500 – will tomorrow be the same?

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Bitcoin – like so many other traditional assets – has worked its way into remarkably narrow trading band. If this were a market truly untethered from normal capital assets, a break may not be in the cards for a remarkable amount of time. Yet, if there is a speculative portfolio connection to the traditional space, a breach may be soon at hand.

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Silver prices just set a fresh seven month high even as Gold prices are showing tendency of a turn.

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