Spot gold technical risk: Gold price may once again test the $4,420 support

1. From a technical perspective, spot gold may once again test the support area around $4,420 per ounce. If this level is broken effectively, it is expected to move further down to the $4,367–$4,398 range.2. Currently, gold prices are forming a converging descending wedge pattern, with its lower boundary pointing to the $4,398 target. The rebound that began from $4,367 previously showed a clear five-wave uptrend structure.3. In the five-wave structure, the bottom of the second wave is at $4,375, forming a more recent downside target. On the upside, resistance is at $4,481; a successful breakout of this resistance could drive gold prices to further rebound towards the $4,508–$4,541 range.4. On the daily chart, a retracement analysis of the uptrend from $4,097 to $4,897 establishes a neutral consolidation range between $4,403 and $4,497.5. If the gold price falls below $4,403, it would confirm the continuation of the downward trend, with the next target at $4,286. Conversely, if the price holds above $4,497, the upside room is opened, targeting the $4,592–$4,709 range next.