Technical Analysis: Spot gold is showing a range-bound pattern, with a neutral range between $5,000 and $5,080.

1. Short-term technical pattern: Spot gold is currently trading within a narrow range between $5,000 and $5,080 per ounce, exhibiting a neutral trend. This range is formed by the 50% and 61.8% projection levels of wave a (from $4,401 to $5,091) corresponding to wave c, which started at $4,654. A breakout above $5,080 could push gold prices up to test $5,344 (the 100% projection level of wave c corresponding to wave a); a drop below $5,000 could lead to a further decline towards $4,917 (the 38.2% projection level).2. Daily structure analysis: On the daily chart, the market is currently in a wave B rebound that started from $4,401, with the final target yet to be determined. A weaker wave B may end within the $5,006–$5,149 range; if wave B shows stronger momentum, it could extend to $5,611.3. Current trend assessment: As gold prices have stabilized above $5,000, there is a short-term possibility of climbing to $5,149. Overall, before a clear breakout from the current consolidation range, directional signals remain limited. Investors should pay attention to breakouts at the range boundaries to confirm subsequent trends.