Technical Analysis: Gold Price May Retest September 2 Low at $4,282

1. From a technical perspective, spot gold may retest the support near the September 2 low of $4,282, as the downward trend that started from $4,696 may have resumed. This assessment is mainly based on the deep pullback in gold prices following the September 3 high of $4,510. 2. This round of decline may be driven by wave C, which is the third wave in the three-wave cycle that began from $4,696. This wave has the potential to break below the A wave bottom at $4,282, indicating that there may be further downside. 3. The upper resistance is located near Wednesday's low of $4,341. If gold price breaks above this level, it may trigger a rebound targeting the $4,380 to $4,440 range. 4. The daily chart shows that the market is retesting the $4,306 support. If this support is effectively broken, it may open the way for a decline towards $4,168.