Hello to all passionate and prosperous traders! What are your thoughts on gold prices today?
After closely examining the charts, I believe that gold prices are likely to decline in the coming days. Currently, gold is hovering around the $3,030 mark, and given the global economic landscape following Friday's NonFarm data, it is clear that the environment is unfavorable for buyers.
From a technical perspective, gold is forming a Head and Shoulders pattern – a bearish formation. The left shoulder and head have already taken shape, and it appears that the right shoulder is expected to retrace to the 0.618 Fibonacci level before resuming the downward trend.
Based on this pattern and my personal analysis, I anticipate the next target for gold to be around $2,980, with a potential further drop to $2,888, as highlighted in the current analysis.
What about you? What’s your take on gold prices today? Share your thoughts in the comments, and let’s discuss!
After closely examining the charts, I believe that gold prices are likely to decline in the coming days. Currently, gold is hovering around the $3,030 mark, and given the global economic landscape following Friday's NonFarm data, it is clear that the environment is unfavorable for buyers.
From a technical perspective, gold is forming a Head and Shoulders pattern – a bearish formation. The left shoulder and head have already taken shape, and it appears that the right shoulder is expected to retrace to the 0.618 Fibonacci level before resuming the downward trend.
Based on this pattern and my personal analysis, I anticipate the next target for gold to be around $2,980, with a potential further drop to $2,888, as highlighted in the current analysis.
What about you? What’s your take on gold prices today? Share your thoughts in the comments, and let’s discuss!
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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.
Disclaimer
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.