Gold Price Analysis: Bearish Reversal or Bounce?

Gold (XAU/USD) is testing a crucial support zone amid a potential Head and Shoulders bearish pattern. A break below the neckline could trigger a drop towards $2,807, while holding above it may push prices back to $2,940

Key Levels:

  • Resistance: $2,940, $2,960, $2,980

  • Support: $2,920, $2,900, $2,850, $2,807

US PMI Data: Strong data may strengthen the USD, pressuring Gold lower.

  • Geopolitical Risks: Safe-haven demand could limit downside.

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Ana

Cross-Asset Analyst & Trainer

Varun Sharma

Senior Strategist

VJ Yadav

FX Strategist

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