Veteran Trader Gives Critical Warning for Gold Price - BeInCrypto

AI desk brief

Veteran trader Peter Brandt warned that gold could face a sharp correction if the $4,100-$4,200 support zone breaks, with his weekly chart pointing to a head-and-shoulders top and a potential slide toward $2,890. He emphasized this is not a forecast, but a close below the neckline would imply sellers are taking control.

Gold was quoted near $4,194/oz on Oct. 10, about 22% below its January record near $5,405 and down roughly 4% year to date. Brandt’s bearish technical setup is being balanced against continued support from official-sector demand, including the PBoC’s 740,000-ounce purchase last month, its biggest since 2023 and the 23rd straight month of buying; the article also links recent volatility to shifting Fed rate expectations and higher Treasury yields.