Technical Analysis: Gold breaks key support, with downside target at $4582-$4619

1. Spot gold has broken below the support level of $4,678 per ounce and is expected to fall further into the $4,582–4,619 range. The next support is at $4,619; if breached, it could trigger a further decline toward the $4,560–4,582 range.2. A small triangle pattern has been confirmed as a bearish continuation pattern, targeting $4,619. Combined with the decline from $4,889, it forms a more significant bearish pennant pattern, indicating a target of around $4,480.3. Resistance is at $4,699. If this level is broken, gold prices may rise to $4,737.4. On the daily chart, gold has broken below the $4,685 support, and the subsequent downtrend may extend to the $4,391–4,510 range. A bearish wedge pattern has been confirmed, targeting $4,510.