Technical Analysis: Spot gold is likely to retest $5,249, with the medium-term target still above $5,286

1. After completing a minor correction, spot gold may be unfolding the 5th wave upward, with the potential to retest Tuesday's high of $5,249 per ounce. This is based on the premise that the uptrend initiated from $4,842 remains intact. If successfully breached, the target for this wave could extend to $5,286 or even higher. 2. In the short term, support is located at $5,160. If this level is broken, gold prices may further retreat to the $5,100–$5,122 range. Should the market fall to $5,122, the uptrend will be considered reversed, and the bullish structure will be put to the test. 3. From a daily chart perspective, the C wave that started from $4,841 has not yet reached its target of $5,286. This wave may end near this level or could extend further to $5,561. Regardless of where it ends, the area around $5,286 is expected to form strong resistance and may trigger a significant technical correction.