Technical Analysis: Gold rebound may have reversed, expected to fall back to the $4,520-$4,573 range
- Spot gold is expected to fall back to the $4,520–4,577 per ounce range, as the uptrend from $4,098 may have reversed. The price breaking below an ascending trendline has confirmed the reversal signal, and the current rebound towards this trendline is seen as a pullback.
- Whether a pullback or the current decline, both are in line with a series of projection levels within the uptrend starting from $4,351. Resistance is found at $4,692, and a breakout above this level could lead to further gains toward the $4,733–4,767 range.
- On the daily chart, Wave C from $5,418 sharply broke below its 100% projection level at $4,235 on March 23. Although there has been a rebound from $4,098, this Wave C could still extend into the $3,504–3,783 range. As long as gold remains below the $4,687 resistance level, the bearish outlook stays valid; if it breaks above, a rebound may further extend to $4,826.
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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