Technical Analysis: Spot gold may retest the $4,140 support level as rebound momentum shows signs of exhaustion
- Spot gold may retest the support level at $4,140 per ounce. The previous rebound triggered by this level has shown signs of losing momentum around $4,229, indicating the trend is nearing completion.
- Structurally, gold prices are still moving within a descending channel, maintaining the overall bearish trend. The rebound from the recent low is viewed as a corrective move of the fourth wave (wave d). Based on the wave pattern, once this corrective wave finishes, the market may face downward reversal pressure from the fifth wave (wave e).
- The recent rebound has not changed the downward structure within the channel, meaning the medium-term bearish outlook continues. The resistance level is at $4,229. If gold can effectively break through this level, it may trigger a further rally, targeting the $4,268 to $4,311 range.
- From a trading perspective, $4,140 is a critical support level for the bulls. If this level is tested again, it will determine whether this five-wave correction is nearing its end. Until then, the market will mainly experience range-bound fluctuations and repeated support testing.
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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