Technical analysis: Spot gold may retest the $4,560 support level, and a break below could target $4,520

1. Spot gold may retest the support level at $4,560 per ounce. If this level is breached, it could trigger a further decline to $4,520. 2. The rebound from the $4,520 support level is forming an ascending triangle, which is considered a bearish continuation pattern. The downward trend that began at $4,889 may resume after this formation. This pattern will be confirmed if the market breaks below $4,580. 3. Immediate resistance is at $4,619, which, due to its close proximity, has limited practical effect. A more significant resistance level is at $4,641. If this level is effectively broken, it could push the price up to the $4,655–$4,678 range. 4. On the daily chart, projection analysis and the descending channel both point to a target range of $3,489–$3,772. A more reasonable target range would be $4,228–$4,391, which will be confirmed if the market falls below $4,510.