Spot Gold Technical Analysis: Focus on the $4,500 resistance level and the $4,461 support level

1. From a technical perspective, spot gold may once again test the resistance at $4,500 per ounce. If this level is effectively breached, gold prices are expected to rise further to the $4,538–$4,547 range.2. Gold prices previously briefly broke above $4,490—this position represents the 50% Fibonacci retracement of the decline from the $4,696 high to the $4,281 low. Based on retracement patterns, there is a possibility for the rally to extend to the 61.8% retracement level of $4,538 (with resistance from the 200-day moving average near $4,533).3. Projecting the upward trend since the $4,362 low, as gold did not reverse near $4,476 (the 100% projection of wave c), the trend may extend further to the target range of $4,520–$4,547.4. Support is seen at $4,461 below, and if gold drops below this level, it may trigger a pullback, targeting the $4,433–$4,449 range.5. On the daily chart, gold faces a critical resistance test at the 200-day moving average of $4,533. If it can break through effectively, this could open up further upside towards $4,666; if it fails and pulls back, the downtrend that began from $4,696 may resume, as the upward movement since $4,283 is still regarded as a corrective rebound.