Spot Gold Technical Analysis: Focus on the $3,970 Support Level

1. From a technical perspective, spot gold may retest the support level at $3,970 per ounce; if it breaks below, it could further target the $3,945 to $3,957 range.2. The double-top pattern has been confirmed, with the target pointing near $3,895. The projected levels divided by the uptrend line since $3,895 can still be referenced as support and resistance.3. Immediate resistance is at $3,995; if this is breached, the price may rise towards the $4,010 to $4,018 range.4. Daily wave patterns indicate that Wave 4 has been completed and Wave 5 is in progress, with potential to break below $3,870, which is the previous bottom of Wave 3.