Anticipating a Bearish Reversal in Gold: Key Patterns and CPI

Analyzing the daily chart for gold, we observe a well-defined Head and Shoulders pattern. This formation is mirrored on the weekly chart, reinforcing a robust target for a take profit. This alignment suggests a significant price level that gold could reach once the downtrend initiates. The upcoming CPI release has the potential to trigger this move, particularly after the recent surge in gold prices. Traders should be prepared for a bearish shift following the CPI announcement.