Spot gold technical analysis: May further decline towards the $4,373-$4,406 range

1. Spot gold may fall back to the $4,373 to $4,406 range after a rebound. This judgment is based on the descending channel structure and projection analysis. 2. The lower boundary of the descending channel points to $4,373. Projection analysis shows that the market has briefly broken below the $4,458 support level (corresponding to the 200% level), indicating the possibility of a further decline to $4,406. 3. The current short-term resistance is at $4,476. If this level is broken, there is potential for further upward movement to the $4,490–$4,510 range. 4. Observing the daily chart, gold has already fallen below the $4,510 support level. This breakout has opened up room for further downside to the $4,228–$4,391 range. 5. At present, the gold price may be operating within the structural framework of a major ascending wave B, which consists of three smaller waves. This assessment is based on the significant difference between this wave and the previous wave A—wave A was clearly larger and longer. 6. The medium and small wave b may end somewhere above the preset wave A bottom at $4,098, after which it will be partially reversed by the upward small wave c.