Technical Analysis: Spot gold is hindered by a descending trendline and is likely to retest the $3,983 support in the short term.

智通财经2026/07/16 16:46

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Spot gold failed to break above the descending trendline and is inclined in the short term to retest Tuesday's low of $3,983 per ounce. The rebound previously triggered by the $4,025 support level has now formed a narrow neutral consolidation band between $4,025 and $4,070.
As gold prices briefly touched $4,025, the bearish characteristics of this consolidation range are emerging, indicating that downward momentum has not been fully released.
The nearest resistance is at $4,048; if this level is effectively breached, gold prices could further rebound to the $4,070 to $4,095 range. However, before breaking through this resistance, the short-term trend remains downward.
On the daily chart, gold prices are gradually approaching a retest of the $3,965 support level. If this level is lost, it will open up further downside space with targets around $3,740.
Since the decline from the July 6 peak of $4,202, there have been two attempts at a rebound, but neither has successfully reversed the downtrend. Despite the overall downward pace showing a zigzag fluctuation, bearish sentiment remains clearly dominant.

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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Technical Analysis: Spot gold is hindered by a descending trendline and is likely to retest the $3,983 support in the short term.

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