Veteran trader Peter Brandt warned gold could face a sharp decline after spotting a bearish head-and-shoulders pattern on its weekly chart. According to BeInCrypto, he said a break below the $4,100-$4,200 support zone could send gold toward $2,890, though he stressed the setup is not a forecast and the move is far from certain.

Gold traded near $4,194 an ounce on October 10, about 22% below its January record near $5,405, while the People’s Bank of China added 740,000 ounces that month and has bought for 23 straight months.