Gold Price Analysis: Potential Head and Shoulders Breakdown

hello guys.

In the 30-minute chart of Gold Spot (XAU/USD), A head-and-shoulders pattern has formed, signaling a potential bearish reversal. The price is currently consolidating near the right shoulder, and if a breakout below the neckline occurs, it could lead to a further downside.

The volume profile indicates a strong support zone around $2,962 - $2,965, which aligns with a key liquidity area. As illustrated by the red arrows, the expected price action suggests a minor pullback before continuing toward this support zone.

Traders should watch for confirmation of the breakdown before entering short positions, with a target near the highlighted demand area.