Gold prices fell on Friday with the end of the week near the levels of 2720 dollars per ounce, and gold futures fell by 0.3% to 2740.40 dollars per ounce, after peaking last Wednesday and recorded levels of 2772.60 dollars per ounce, followed by selling to short-term investors seeking to take profits, and the constant demand from investors committed to buying gold at dips.

The upcoming US elections are still dominating the markets, which leads to uncertainty, and with rising geopolitical tensions that keep the longer-term outlook for safe assets such as gold positive, the recent decline will be a temporary phase.

Technically, 

gold is trying to complete the head and shoulders pattern on the four-hour frame, which could push the pair to the uptrend levels near the levels of 2670/75 dollars per ounce, and pullbacks are expected to continue, especially if the neckline centered at the levels of 2700 dollars per ounce is broken.

The scenario fails in the event of a breakout of the top 2760 dollars.