Spot gold technical analysis: Pay attention to the 4066-4073 support, the wedge structure releases a bearish signal

1. Technical analysis indicates that spot gold may still fall back to the October 14 low of $4,073 per ounce, or even near the October 7 low of $4,066. The wedge pattern provides clues for this scenario. The lower trend line of this pattern is pointing toward this target.2. The wedge may ultimately evolve into a bottom, or it may become a bearish continuation pattern; the key depends on which trend line is broken first. Since this pattern has appeared after a period of decline, the market tends to lean more towards the downside; at the same time, the gold price is slowly approaching the lower boundary rather than testing the upper boundary.3. There is resistance above at $4,135. If the gold price effectively breaks through this level, it may further rise towards the $4,150 to $4,170 range.4. On the daily chart, the rebound triggered by the $4,096 support level—corresponding to the 100% forecast target—appears relatively weak. The market tends to break through this support and test the $4,036 to $4,066 range below.5. Considering that the (c) wave, starting from $4,512, may possibly fall to $3,943, there is a chance that after breaking below $4,096, the gold price could experience a larger downward move.