Technical Analysis: Gold's Trend Remains Unstable but May Rebound to $5,250-$5,298; Beware of Bearish Divergence Signals

1. Spot gold may gradually move up to the $5,250 to $5,298 range, as the price briefly broke through the $5,219 resistance level. Although gold prices continue to climb within a narrow channel, the overall trend appears unstable, and the hourly RSI has started to retreat after entering the overbought zone.2. There is a divergence between price action and indicators, which is a bearish signal indicating that the upward movement may be coming to an end. The support below is at $5,171; if this level is breached, it could trigger further declines to the $5,117-$5,141 range.3. On the daily chart, the current rebound seems to be overshadowed by the sharp drop from $5,419. As long as the market remains below this level, the medium-term bearish outlook remains unchanged. This outlook is based on the assumption that the corrective wave cycle starting from $5,596 has not yet been completed, and the third wave (Wave C) is expected to move toward the bottom of Wave A at $4,403.