Spot Gold Technical Neutral: Range Breakout May Indicate Direction
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- Spot gold displays a neutral trend after each rebound and is currently trading within the $4,678 to $4,714 range. If the gold price breaks above or below this range, it may indicate the next direction.
- If the price breaks above $4,714, it may climb further into the $4,737 to $4,755 range. Conversely, if it falls below $4,678, it could trigger a downward move with targets in the $4,641 to $4,655 area.
- Once the price rises to $4,755, the gains are expected to extend toward around $4,796. If it falls to $4,641, this will be considered a bearish signal, suggesting a move towards the downward trend line targeting $4,582.
- From the daily chart perspective, the market is currently undergoing a pullback towards a downward trend line. This retracement is expected to end above $4,510. However, if the price declines further, it means that the downtrend since the March 2 high of $5,419 will likely continue.
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