Gold Eyes $2,604 and $2,562 Targets

Good morning traders,

Trust your day is off to a great start. Take a moment to read my analysis of the Gold market, and give your view.

Overview
Gold is currently trading at $2,662.25, caught between a bullish and bearish triangle range. This follows an impulsive upward movement from Friday’s low of $2,612.89, driven by the Non-Farm Payroll (NFP) data. However, the upward momentum appears to have stalled, with price action signaling potential reversal patterns.

Idea
The price formation resembles a double top, a bearish pattern, with a strong resistance zone above, suggesting a possible downward move. If the price breaks below the neckline, it would confirm bearish momentum. Key support levels to monitor include $2,604.59 and $2,562.67. Conversely, if the price breaks above the $2,689.29 resistance level, the bearish scenario would be invalidated, signaling a continuation of bullish momentum.

Conclusion
Gold's current price action presents a mixed outlook. While the double top and resistance zone hint at a bearish move, the market must confirm this by breaking the neckline.

Cheers and happy trading!