GOLD Price Shows Upside Potential Amid Pennant Formation
Based on current analysis, it appears that the price of gold is showing some uncertainty as it moves within a pattern known as a "pennant". Despite this, there is still potential for the price to increase, as there are risks that could push it up. In order for this to happen, the price would need to break above a downward trendline at the price of $2,000, confirming the breakout from the pennant pattern. If this occurs, the price could potentially rise towards the important $2,000 level, with further resistance levels at $2,010 and $2,060.
On the other hand, if the price falls below a support level at $1,950, it could lead to increased selling pressure and potentially challenge the low price of $1,950 seen on Monday.
On the other hand, if the price falls below a support level at $1,950, it could lead to increased selling pressure and potentially challenge the low price of $1,950 seen on Monday.
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