Technical Analysis: Spot gold may pull back to $4,466 before rebounding again
- Spot gold may first pull back to $4,466 per ounce, and then test the resistance level at $4,520 again.
- The gold price has previously attempted twice to break through this resistance without success, suggesting that the first round of rebound starting from $4,367 has ended. Due to the strong rebound momentum, after a shallow correction is completed, the price of gold is expected to continue its upward trend, targeting $4,581 (the high point of wave B).
- If the gold price can break through $4,520, it is likely to rise further into the $4,580–$4,620 range.
- From the daily chart, gold is currently stabilizing near the support of the 200-day moving average. On Thursday, a hammer candlestick with a long lower shadow appeared, indicating that the downtrend starting from $4,773, or even the longer-term decline from $4,889, may be reversing.
- However, this reversal signal still needs a bullish candlestick on Friday for confirmation. If Friday ultimately records a bearish candlestick, especially with a closing price near the 200-day moving average, around the $4,400 level, then the reversal pattern of the hammer will be invalidated.
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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