Technical analysis: Spot gold may retest the $4501 support; if breached, the next downside targets are $4428-$4465
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1. Spot gold may retest the support level at $4,501 per ounce; if this level is breached, it may trigger a further price decline to the $4,428-$4,465 range.2. Both bearish triangle and flag patterns have been confirmed. The flag pattern suggests a target of $4,360 or $4,280, depending on different starting points.3. A rebound triggered by the $4,501 support level may be relatively weak, with gains likely limited to the $4,560-$4,582 range. If it breaks above $4,582, it may further rise to the $4,619-$4,665 range.4. If the above rally occurs, it will signify the formation of a bottom, at which point the bearish targets should be abandoned. On the daily chart, projection analysis and the descending channel both point to a target area of $3,489-$3,772.5. A more suitable target range is $4,228-$4,391, which will be confirmed if the market falls below $4,510. If it breaks above $4,685, it may open an upward channel toward the $4,826-$4,967 area.
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