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Gold’s Inverse Head and Shoulder Pattern Signals Potential Rally to $4.9K
Gold’s Inverse Head and Shoulder Pattern Signals Potential Rally to $4.9K
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BTCCSquare news:
Gold’s bullish momentum may be slowing, but the metal’s upward trajectory remains intact. A technical formation on the price chart suggests a potential breakout, with analysts eyeing new highs. The inverse head and shoulders pattern, if confirmed, could propel gold toward $4,900—a level that WOULD mark a historic milestone.
Rashad Hajiyev notes the pattern’s significance: a completed head formation may first drive prices to $4,200, followed by a push toward $5,000. The neckline, defined by the all-time high, serves as a critical resistance level. Silver’s performance was also briefly discussed, though details were truncated.
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