According to BeInCrypto, veteran trader Peter Brandt has warned that the gold price could experience a sharp decline after identifying a bearish pattern on its weekly chart. The pattern resembles a head-and-shoulders formation, which typically emerges when an asset’s strong upward movement begins to lose momentum.
The pattern consists of three peaks, with the middle peak being the highest point among them.
Brandt noted that the appearance of this shape on gold’s weekly chart suggests weakening strength in the current trend. No specific price level or timeframe was provided in the observation. The comment reflects Brandt’s interpretation of market conditions based on visual analysis of the weekly price structure.
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