Spot Gold Technical Analysis: Pay Attention to the Resistance at $4,150 to $4,170

1. Technical analysis shows that after finding support and stabilizing near $4,115/oz, spot gold may rebound to the $4,150–$4,170 range. 2. Using retracement measurements on the rally from $4,073 to $4,198, $4,121 corresponds to the 61.8% retracement level. After a brief loss and recovery of this support, it suggests the prior uptrend is likely to continue. If this support is lost again, gold prices may further test the $4,066–$4,073 range. The previous trading session’s pullback shows a wedge is forming; if the $4,121 support fails, the pattern may turn into a bearish continuation. 3. If gold prices break above $4,170, it would indicate the rally from $4,073 to $4,198 is likely to continue. 4. On the daily chart, the trend signal has turned neutral, and the market is consolidating in the $4,066–$4,198 range. An upside break above $4,198 could signal a reversal of the downtrend; a drop below $4,066 would confirm the decline will continue, targeting $3,943.