Technical Analysis: Spot Gold May Further Rise to $4,283

1. Spot gold, after breaking through the key resistance level of $4,174, may extend its gains to $4,283 per ounce. 2. The current gold price is considered to be in the C wave (third wave) phase of an irregular flat adjustment, which started from the low of $3,959 on June 25. After breaking the 161.8% projection level at $4,174, this wave could theoretically extend further to the 238.2% projection level at $4,283. 3. A more realistic upward target range is $4,229 to $4,250. If the gold price falls below $4,174 (now turned into a support level), it could trigger a pullback to the $4,141 to $4,158 range. 4. From the daily chart, the consecutive rises in the past two trading sessions indicate that the downtrend starting from the high of $4,889 may be brewing for a reversal. This downtrend has shown a complete five-wave structure, and the D wave high of $4,382 will be the next key target.