Gold bounces off the psychologically important $2,300 level after another leg of selling. The pair continues to be pressured by a higher-for-longer outlook on interest rates – data on Friday could be key. XAU/USD approaches the neckline for a potential topping pattern – if broken, a cascade down could result. Gold edges higher, trading just above $2,300 on Thursday, as short-traders take profit following the last down leg from the $2,330s.
XAU/USD Daily Chart The XAU/USD pair had been forming a bearish Head-and-Shoulders pattern over the last three months. However, the upside break on June 20 has brought the validity of the pattern into doubt. That said, a more complex topping pattern that might still prove bearish is still possibly forming.
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Source: FXStreetNews - 🏆 14. / 72 Read more »