Technical Analysis: Spot gold may fall to the 4718-4747 USD range, the five-wave cycle has peaked
- Spot gold may fall into the $4,718-$4,747 per ounce range because the five-wave cycle starting from $4,099 may have ended near the resistance at $4,871. The pullback triggered from this resistance is deep enough to confirm a reversal in the short-term uptrend that began at $4,639.
- The short-term uptrend was driven by the fifth wave, which is the last wave of the overall uptrend starting from $4,099. The bottom of wave 4 is estimated to be around $4,639, which will be the target in the coming days.
- Resistance is at $4,816. If this level is breached, there could be further gains to the $4,841-$4,871 range. On the daily chart, gold failed to break through the $4,826 resistance, and this failure is seen as an early sign that the rebound from $4,099 has ended.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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