Spot Gold Technical Analysis: Fifth Wave Target Points to $4,580

1. Projection analysis shows that spot gold is expected to continue its current upward trend, targeting $4,580 per ounce. The gold price is currently in the fifth wave of a minor five-wave cycle that started at $4,324. 2. Projection analysis of the upward trend since the $3,959 low suggests this wave could extend to $4,580 or $4,643, corresponding to the 238.2% and 261.8% Fibonacci extension levels, respectively. To reach these targets, the gold price needs to stay above the $4,500 support level; if it falls below this level, it would indicate the completion of this wave, and the uptrend that began at $4,324 will reverse.3. The daily chart shows the market is attempting to establish support at the key level of $4,528, which is the 61.8% Fibonacci retracement level of the decline from the $4,889 high to the $3,945 low.4. The doji pattern formed on Thursday should be interpreted as a sign of stabilization near $4,528 for the gold price, rather than a failure to break through this resistance. Only if the gold price closes below $4,528 on Friday will this candlestick pattern be considered a bearish signal.