3 min readGOLD (XAU/USD):
Gold remains near its recently established all-time highs, currently trading above $2,600. The question now is whether the metal will continue its upward momentum or face short-term pullbacks as the market consolidates.
A closer analysis of the technicals suggests a potential bearish head and shoulders pattern forming after a breakdown through the internal daily ascending trend line. Additionally, price has rebalanced around the 50% Fibonacci level. The RSI indicator currently reflects neutral conditions, neither overbought nor oversold. If the price moves lower, it will be crucial to monitor how the lower support level holds.
Author
Risk Disclaimer Disclaimer: The information provided does not constitute, in any way, a solicitation or inducement to buy or sell any of our products.
Any material presented under this section of our website is not intended and should not be considered investment research or investment advice. Any Comments and analysis reflect the views of different external and internal analysts at any given time and are subject to change at any time. The recipient acknowledges that he/she is solely responsible for any trading decisions taken.
Risk warning: Our products are complex financial instruments which come with a high risk of losing money rapidly due to leverage. These products are not suitable for all investors. You should consider whether you understand how leveraged products work and whether you can afford to take the inherently high risk of losing your money. If you do not understand the risks involved, or if you have any questions regarding our products, you should seek independent financial and/or legal advice if necessary. Past performance of a financial product does not prejudge in any way their future performance.
