Technical Analysis: Spot gold is expected to rebound to $4,915–$4,970, with key support at $4,815

1. Spot gold is expected to rebound to the range of $4,915-$4,970 per ounce, as it has stabilized near the key support level of $4,815. Currently, gold prices are in wave C, which may end near $4,815 or further extend to $4,552.2. The rebound has been triggered. Projection analysis of this wave shows that the rebound target area is $4,915-$4,970. If the rebound succeeds, it will confirm $4,815 as a stage bottom.3. If the key support at $4,815 is broken, it may open a downward channel to the range of $4,714-$4,753. Investors should pay attention to this level to determine the direction of subsequent trends.