Peter Brent Warns; Gold Price May Fall to $2890

Peter Brent, an experienced trader, has pointed to a bearish pattern in the weekly gold chart that could reduce the price of this metal to $2980 if its key support is broken. Brent considers the range of $4100 to $4200 as important support for gold and believes that if the price drops below this range, there is a possibility of increased selling pressure and a fall towards $2890. Currently, the global gold price is fluctuating around $4194, trading 22% lower than the peak of $5405 in January. Additionally, the People's Bank of China made its largest monthly purchase since 2023 in September by buying 740,000 ounces. This buying trend has continued for 23 consecutive months and could act as a supportive factor for gold prices. Brent's technical pattern suggests the possibility of a deeper price correction, but the demand from central banks and macroeconomic conditions also play a role in gold's future trajectory.

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