Technical Analysis: Gold Rebound May Halt at $4,773, Next Support to be Tested at $4,670

Bitget

News

汇通财经2026/04/22 05:32

Show original

Bitget offers one-stop trading for cryptocurrencies, stocks, and gold. Trade now!

A welcome pack worth 6200 USDT for new users! Sign up now!

The rebound of spot gold may halt near the resistance level of $4,773 per ounce, after which it will once again test the support level at $4,670. The five-wave cycle that started from $4,099 has been completed at $4,891. Retracement analysis shows a broad target zone of $4,410 to $4,604 (61.8% and 38.2% retracement levels).
Forecast and analysis of the wave c that began from $4,832 indicate resistance at $4,773, a level also pressured by a descending trend line. Given that the downtrend has not yet ended, the current rebound may soon come to an end. If $4,773 is breached, there could be a further rally towards $4,832.
The ascending wedge pattern on the daily chart has been confirmed as a bearish continuation formation. Tuesday's decline may signify the beginning of a new downward trend, which could extend to $4,099.

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.

Understand the market, then trade.

Bitget offers one-stop trading for cryptocurrencies, stocks, and gold.

Trade now！

Technical Analysis: Gold Rebound May Halt at $4,773, Next Support to be Tested at $4,670

You may also like

Crypto prices