This gold pullback looks scary, but if it really reaches 3400, the gold hoarders would be laughing themselves awake.

Biworld News: Gold is on track for a fourth consecutive weekly decline, as the dollar remains strong and market expectations for the Fed to accelerate rate hikes to curb inflation put pressure on gold prices near $4,000 per ounce. OANDA senior market analyst Kelvin Wong said that the rapid repricing of the Fed's hawkish stance has created strong bullish momentum for the dollar, ultimately leading to this significant downturn in gold prices. Since hitting a record high at the end of January, this months-long correction in gold may extend further to $3,400 in the long term. Since hitting an all-time high of $5,594.82 per ounce on January 29, gold prices have fallen about 29%, as inflation sparked by the US-Iran war has intensified market bets on rate hikes. In addition, yesterday's US May PCE data rose from April, with the annual PCE price index exceeding 4%.