Gold charts lower peak as price retests bearish pattern
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Two weeks ago, we postulated that XAUUSD was charting a rising wedge on the daily scale, a bearish continuation pattern. Then, last week, we wrote about the rare bearish outside candle that started the week. This candle effectively completed the rising wedge, a bearish signal. Since then, the price has pulled back and retested the pattern's lower boundary. In effect, a lower peak (LP) has charted, setting up a platform for another impulse leg down and the possibility of a lower trough. If this happens, XAUUSD will have charted a lower peak followed by a lower trough, which is a downtrend.
Russell Shor
Senior Market Strategist
Russell Shor is a Senior Market Strategist at FXCM, having been promoted to the role in 2025 in recognition of his depth of insight and consistent delivery of high-impact market analysis. He originally joined FXCM in October 2017 as a Senior Market Specialist.
Russell holds an Honours Degree in Economics from the University of South Africa, is a certified FMVA®, and a full member of the Society of Technical Analysts (UK). With over 20 years of experience in financial markets, his work is renowned for its clarity, precision, and strategic value across asset classes.
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