From TradingView · · 40s
Gold Price Tests Key Support
Gold retests critical support as traders eye potential head and shoulders pattern.
In brief
Gold retests critical support as traders eye potential head and shoulders pattern. Gold price retests $4,246, $4,331 support zone amid technical and macro headwinds. Originally reported by TradingView.
Gold Price Pattern
XAU/USD shows developing head and shoulders pattern on daily chart.
Key Support Zone
Price retests $4,246, $4,331 support aligning with 0.5, 0.618 fibonacci retracement.
Technical Indicators
RSI below 50 shows bearish bias while price crosses below major emas.
Macro Headwinds
Strong dollar index and high us10y yields create firm headwinds for gold.
Oil Impact
Elevated crude prices fuel inflation concerns affecting gold demand.
Execution Plan
Shorting at $4,246, $4,331 with stop loss above $4,460.
The headline
Gold price retests $4,246, $4,331 support zone amid technical and macro headwinds.
