Technical Analysis: Spot gold is "immune" to war, seeking support downward and may fall towards $4915

1. Spot gold may break below the support level of $4,977 per ounce and further decline towards $4,915. The current gold price is in the C wave of the correction cycle starting from $5,419, and this wave has the potential to reach $4,815 (100% projection level). The bearish platform pattern also points to the same target.2. The rebound triggered from the $4,977 support level is classified as a pullback within a flag pattern, indicating that the upward movement is only a temporary correction. The immediate resistance is at $5,027, and if this level is breached, it may push the price up to the $5,077-$5,139 range.3. It is worth noting that analysts believe gold prices are "immune" to the Iran war, as they are currently in a medium-term bearish cycle. Although geopolitical conflicts usually benefit safe-haven assets, the current technical structure shows that downward pressure dominates, and the war factor has not reversed the decline.