The recent gold rally has achieved all anticipated price targets in a remarkably short timeframe, subsequently attracting profit-taking activity. These sellers are currently dominating price action, creating what appears to be a potential head and shoulders pattern with the head at $3,500 and neckline at $3,280. Should the 4-hour candle close below this neckline, it would confirm the pattern formation, suggesting a downside target of $3,080. The RSI indicator further supports this bearish outlook, with a clear negative divergence forming over the past three days while remaining below the 50 level
XAUUSD 
GLD 
IAU GC1!
XAUUSD GLD IAU GC1! 
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.