Gold Price Analysis–Potential Pullback Toward 2960 Support Level

This 1-hour chart of Gold shows a recent breakout above a rising channel, followed by consolidation near $2984. The chart highlights a potential head-and-shoulders pattern forming, suggesting a short-term bearish move towards the target support area around $2960. A potential rebound is expected at that level, aligning with previous support and a possible continuation of the uptrend. Traders should watch for confirmation signals near the $2960 zone before considering long positions.

This gold chart shows that price moved up strongly, broke out of a rising channel, and is now starting to slow down. A rounded top is forming, suggesting a possible drop. The chart predicts price might fall toward the support level at $2960, then bounce back up from there.

In simple terms:
Price might go down first, then go back up from $2960.


Note:
This is not a trading signal, just my personal analysis based on current market trends.