Technical Analysis: Spot gold is neutral in the $5,158–$5,205 range, a breakout will indicate the direction

1. Spot gold is currently exhibiting a neutral stance within the range of $5,158 to $5,205 per ounce. If it falls below $5,158, it may further test the $5,121-$5,140 area; if it breaks above $5,205, it is likely to rise to the $5,220-$5,243 range.2. In the short term, the bias is slightly upward, as the fifth wave starting from $5,093 appears to be incomplete. The target for this wave is expected to be at $5,243 or higher. On the daily chart, the C wave that began at $4,841 has not yet reached its target of $5,286; this wave may end near this level or extend to $5,561.3. The key support is at $5,116. If this level is breached, it will not only trigger a decline to $5,011, but also signify the end of the rebound that started from $4,401. The market is currently at a decision point, so attention should be paid to any breakout at the boundaries of the range.