Gold market appears to be forming an inverse head and shoulders pattern. With the recent break and close above the trendline that previously acted as both support and resistance, the market is now testing the 2330 level, which could potentially be broken. In my opinion, the ideal scenario would be a pullback to the broken trendline level, followed by the completion of the inverse head and shoulders pattern. I also think there's a possibility that the price may move sideways until tomorrow, given the high-impact news event scheduled for tomorrow. I'm expecting the price to retest the resistance zone at 2350-2352. My goal is the resistance zone around 2350.
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Gold prices were little changed on Monday as U.S. Treasury yields held firm, while investors turned cautious ahead of key economic data that could shed light on the Federal Reserve's potential rate cut trajectory.
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