Gold trades flat on low holiday volumes as US bond markets close for Juneteenth-day celebrations. Fed officials continue to toe the official line on interest rates, advocating a cautious, data-driven approach. XAU/USD continues forming a bearish Head-and-Shoulders pattern on the daily chart. Gold trades in a tight range in the $2,320s in quiet markets on Wednesday. A lack of risk sentiment and low holiday volume caps volatility in the safe-haven asset.
Technical Analysis: Gold forms Head-and-Shoulders top Gold seems to be completing a bearish Head-and-Shoulders price pattern on the daily chart. These patterns tend to occur at market tops and signal a change of trend. XAU/USD Daily Chart The H&S on Gold has completed a left and right shoulder and a “head” . The so-called “neckline” of the pattern appears to be at the $2,279 support level .
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Source: FXStreetNews - 🏆 14. / 72 Read more »