Technical Analysis: Spot gold may retest the $5,410 resistance; if it breaks through, it could rise to $5,506

1. Spot gold may retest the resistance level at $5,410 per ounce. If it successfully breaks through, it is expected to further rise to $5,506. The current upward trend started from $5,097, and wave C has briefly broken through the key resistance at $5,350 (the 61.8% level), showing strong upward momentum.2. There is a high probability that this wave will extend to $5,506 (its 100% projection). The support below is at $5,302; if this level is breached, it may trigger a pullback to the $5,194–$5,253 range.3. On the daily chart, both Elliott Wave Theory and independent projection analysis point to the $5,506 target, which is the 100% level of wave C. Given that the previous sharp decline from $5,596 has been largely reversed, the long-term upward trend is considered to have resumed. The market needs to pay attention to whether the key resistance at $5,410 is broken to confirm further upside potential.