Technical Analysis: Spot gold may once again challenge the 4773 USD resistance level

1. Spot gold may once again test the resistance level at $4,773 per ounce. If this position is effectively breached, gold prices are expected to further rise into the $4,769 to $4,832 range. 2. Monday's rally appears to be a continuation of the upward trend that started at $4,500. Considering that this rally presents a five-wave structure, the current phase is likely in wave c or wave (3). 3. In both of the wave structures described above, the upward move may reach a length equal to wave a, pushing gold prices up to $4,910. The support level below is at $4,714; if this level is broken, it may trigger a pullback in gold prices to the $4,678 to $4,699 range. 4. Only if gold prices fall below $4,655 will the possibility of the upward trend continuing be eliminated. From the daily chart, the trend signal has turned bullish. 5. Gold prices have broken through the downtrend line and the resistance level at $4,685, and are expected to further climb into the $4,826 to $4,967 range.