Gold Price Awaits Activation of Negative Pattern – Forecast for June 3, 2024

by Jennifer

Gold Price Analysis

The gold price is currently testing the neckline of a head and shoulders pattern, a bearish technical formation evident on the chart. A break below the neckline at $2,317.40 is needed to activate the negative implications of this pattern. Once this level is breached, a bearish correction is expected to commence, with initial targets at $2,272.05 and potentially extending to $2,217.10.

Expected Scenario

Given the current technical setup, we continue to forecast a bearish trend for gold in the near term. This outlook is reinforced by the negative pressure exerted by the 50-day Exponential Moving Average (EMA50). It’s important to note that the continuation of this bearish wave relies on gold prices remaining below $2,340.10, and more critically, below $2,360.00.


Expected Trading Range

Support: $2,300.00


Resistance: $2,340.00

Trend Forecast: Bearish

With these factors in mind, traders should prepare for potential downside movements in gold prices as the negative pattern comes into play.

You May Also Like


Bnher is a comprehensive futures portal. The main columns include futures market, futures exchanges, futures varieties, futures basic knowledge and other columns.

[Contact us: [email protected]]

© 2023 Copyright – Futures Market, Investment, Trading & News