Gold Price Forecast: Setups Up with Bullish Pennant Pattern

Group 1 - The recent minor pullback in gold prices followed a record high of $2,943, indicating a potential double top pattern [1] - Despite bearish trading activity, today's bullish price action suggests that the negative implications may have lessened, allowing for another attempt to rise [2] - A bull pennant pattern has formed on the daily chart for gold, with a rise above today's high of$2,937 signaling bullish potential [3] Group 2 - A sustained breakout above the bull pennant could confirm a bullish reversal, especially after the failed breakdown last Friday [4] - The situation surrounding a breakout above the $2,943 high indicates potential bearish pressure, as evidenced by a shooting star candlestick pattern from last week [5]