After reviewing the movements of gold contracts over different time frames, I find that exhaustion will likely follow the rise in the strength of the US dollar, as the rise of the US dollar has led to a decline in bets that consumer inflation in the United States is stronger than expected, leading to a decline in bets that interest rates will drop in the near term.

On Wednesday, gold futures showed some strength but faced strong resistance at the immediate resistance level of $3389, as demand for gold as a safe haven remained relatively supported by ongoing concerns about the trade tariffs of President Donald Trump.

On the other hand, the increasing uncertainty regarding the independence of the Federal Reserve, amid increasing calls from Trump and his allies to oust its Chairman Jerome Powell, has also impacted demand for safe havens, as well as the tensions between Russia and Ukraine.