Technical analysis: Spot gold may drop into the $4,063–$4,100 range
- Spot gold is on the verge of breaking below the $4,126 per ounce support level, with the next downside target pointing to the $4,063–4,100 range. The current gold price is moving within a descending channel, and the overall downward trend remains steady.
- From a wave structure perspective, the previous rebound was driven by Wave 4 (d wave), which is now facing downward reversal pressure from Wave 5 (e wave). Technically, this structure is not yet complete and bearish momentum continues to build.
- The resistance level is at $4,164. If the gold price can effectively break above this level, it may trigger a rebound with the initial target in the $4,187–4,203 range. However, before breaking this resistance, the short-term trend remains biased to the downside.
- At the current stage, $4,126 is a key line of defense for the bulls. If this level is effectively breached, a pullback to below $4,100 may accelerate. Overall, under the dual pressure of the descending channel and the wave structure, gold prices still face further downside risk in the short term.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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