Gold Price Poised for Breakout as Inverted Head and Shoulders Pattern Forms – Market Analysis for February 29, 2024

by Jennifer

Gold prices are exhibiting a gradual and calm positive trend, steadily approaching the neckline of the inverted head and shoulders pattern visible on the chart. Positioned at 2039.65, market observers are eagerly awaiting a breach of this level to activate the pattern, potentially triggering anticipated gains in the intraday and short-term periods. The initial targets for this bullish scenario are set at 2065.70, with an extension towards 2095.00 following the successful surpassing of the neckline.

Market analysts continue to endorse a bullish outlook for the forthcoming period, underscoring the significance of maintaining a level above 2016.90 to sustain the expected upward trajectory.


The anticipated trading range for today is expected to fluctuate between the support level at 2020.00 and the resistance level at 2055.00. Traders are advised to stay attuned to market developments, with the expected trend for today leaning towards a bullish bias.


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