Spot gold technical analysis: short-term may test the $4520-$4543 range

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智通财经2026/08/28 04:36

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From a technical perspective, spot gold may break below the support level of $4,581 per ounce, further declining into the $4,520 to $4,543 range. The current downward trend is unfolding within a descending channel, which itself has indicated the target range for the decline.
As long as the gold price remains below $4,611, the short-term bearish outlook will not change. If the price breaks above $4,611, it could not only trigger a rebound towards the $4,643 to $4,681 range, but also signal a continuation of the uptrend that began at the $4,324 level.
The daily chart shows that during August 24 to 26, a bearish evening star pattern formed near the $4,666 resistance level. This classic reversal signal suggests that gold prices may fall toward the $4,529 support level.
Since there has not been a sufficient pullback after the market previously broke above the downtrend line, the risk of further decline is currently increasing. If the evening star pattern on the daily chart is confirmed, it is highly likely that gold prices will accelerate downward toward the vicinity of $4,520.

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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Spot gold technical analysis: short-term may test the $4520-$4543 range

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