Gold Price Forecast: Bearish Reversal Triggers Retracement from Recent Peak

NEW YORK (March 12) Gold experiences bearish reversal, triggered by breakdown from inside day following the 2,195 top. Potential retracement ahead based on key technical patterns.

A bearish reversal triggered in gold today with a breakdown from an inside day. This follows the 2,195-peak hit on Friday. There are several reasons why last week’s high might be followed by a retracement. It was a key target zone identified previously from measured moves, a symmetrical triangle pattern (blue boundary lines), and the completion of a rising ABCD pattern. Combined, the methods identified a strong target around 2,189 to 2,194.

FXEmpire