Technical Analysis: Wave C drives gold price rebound, short-term target is the $4048-$4069 range

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智通财经2026/07/21 03:16

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Driven by the c wave, spot gold is likely to further rebound to the target range of $4,048 to $4,069 per ounce. Gold price has briefly moved back above the short-term resistance level of $4,026, a level that has gained further technical significance due to the confluence with the upper boundary of the descending channel.
Gold price continues to test this resistance level, suggesting that the downward trend initiated from the $4,202 high may be preparing to reverse. Previously, gold price had been restricted within a clear descending channel, and the repeated attempts to break above the upper boundary now suggest that downward pressure is gradually easing.
According to the measured move projection of the descending channel, the theoretical upside target points to $4,138. However, given the current rebound remains limited by the suppression of medium-term moving averages, reaching this target is difficult. A more realistic target remains focused within the $4,048 to $4,069 range.
The daily chart indicates that gold price has stabilized successfully in the support zone around $3,965. Currently, the market may be undergoing a second wave of rebound—the first wave of rebound was completed near the June 30 low of $3,943. The current rebound is in the c wave phase, which retains technical potential for further upward testing towards $4,172.

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: Wave C drives gold price rebound, short-term target is the $4048-$4069 range

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