GOLD (XAUUSD): Time For Pullback

A sudden breach of the previous record high sparked a significant uptrend in the price of Gold last week, pushing it to a crucial resistance level at 2600.

Following a test of this level, the market began to consolidate and formed a head and shoulders pattern on the hourly chart.

A break below the neckline of this pattern will be a strong bearish indicator, suggesting a potential retracement from the resistance.

To short with confirmation, wait for a breakout of the neckline/support of the range. Targets for this retracement are set at 2569 and 2564.