The Head-and-Shoulders pattern remains in place, hinting that Gold prices might drop toward the $2,200 figure and below. Momentum suggests that neither buyers nor sellers are in charge as the Relative Strength Index (RSI) meanders around the 50-neutral line.
Due to the presence of a Head-and-Shoulders chart <wbr>pattern, XAU/USD could be headed to the downside in the near term. That said, if XAU/USD slides past $2,300, the next support would be the May 3 low of $2,277, followed by the March 21 high of $2,222. Further losses lie underneath, with sellers eyeing the Head-and-Shoulders chart pattern objective from $2,170 to $2,160
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