A Lot is Happening on Gold!

While the price of Gold (XAU/USD) has been rangebound since December 2024, a possible AB=CD harmonic support zone at US$2,471 continues to call for attention. A 61.8% Fibonacci retracement ratio also complements this support at US$2,473. Investors will also likely take note of the double-top pattern around the December 2024 peak of US$2,726. The pattern’s neckline at US$2,605 has been breached, and its profit objective conveniently resides just above the AB=CD support at US$2,483.

So, two patterns indicate that a push lower could materialise before buyers attempt to step in. However, given Gold’s clear uptrend, a bullish move above the December 2024 peak also remains possible.