Technical analysis: Spot gold may retest the $4747 support level

1. Spot gold may retest the support level at $4,747 per ounce, as the five-wave upward cycle starting from $4,099 may have ended near the resistance at $4,876. 2. Gold prices have failed three times in attempts to break through this resistance. These failed signals, combined with a bearish divergence in the hourly MACD indicator, indicate that the upward cycle has completed. 3. The bottom of wave 4 at $4,643 can be used as a downside target. Resistance is near $4,815; a significant break above this level may push gold prices up again to the $4,876–$4,925 range. 4. On the daily chart, there was a false breakout of the $4,826 resistance, which is generally more bearish than a simple failure. The short-term uptrend from $4,099 may be slowly reversing.