XAUUSD - The prospect of a downward adjustment continues!
Today's gold market shows a modest rebound, with the metal trading at approximately USD 2343, reflecting a 0.34% increase since yesterday's notable decline.
However, there are emerging signs that gold may be shaping into an inverted cup and handle pattern. Should this pattern fully materialize, it suggests the possibility of a further downward adjustment, reaching the Fibonacci retracement levels of 0.618 to 0.5. In such a case, the USD 2305 mark is anticipated to serve as a strong defensive zone for those optimistic about gold's prospects.
However, there are emerging signs that gold may be shaping into an inverted cup and handle pattern. Should this pattern fully materialize, it suggests the possibility of a further downward adjustment, reaching the Fibonacci retracement levels of 0.618 to 0.5. In such a case, the USD 2305 mark is anticipated to serve as a strong defensive zone for those optimistic about gold's prospects.
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