Gold Price Forecast: Volatility Looms as Pennant Pattern Develops

Group 1 - A decisive breakout above 2,335 will indicate strength for gold, with last week's high of 2,388 being critical for a potential weekly breakout [1] - Gold has been trading below the rising parallel trend channel since June 7, which raises the risk of a deeper retracement [1] - A second upside breakout of the channel could continue if momentum is maintained once triggered [1] Group 2 - A bearish pennant pattern will trigger with a drop below the lower boundary, with 2,296 serving as a clearer signal for a potential breakdown [2] - A drop below the three-week low of 2,287 will confirm the bearish breakdown [2] Group 3 - Gold is on track to complete the week as an inside week unless it rallies above last week's high of 2,342 [3] - The current inside week setup indicates price contraction, typically followed by increased volatility [3] - The direction of the price movement will be determined by a breakout of the pennant pattern, with a breakdown being more likely unless support holds and a bullish breakout occurs [3]