Technical analysis: Spot gold may test support at $4678; a break below could target $4641–$4655

1. Spot gold may test the support level at $4,678 per ounce. If this level is breached, it could trigger a further decline in price to the $4,641–$4,655 range. 2. After a sharp surge, gold appears to have lost bullish momentum at the resistance near $4,714. An ascending wedge is currently forming, which looks like a topping pattern. 3. A death cross appearing on the hourly chart, along with a bearish MACD divergence, both confirm the exhaustion of the uptrend and signal that a significant correction is imminent. 4. On the daily chart, gold has just climbed above the $4,685 resistance level. Influenced by bearish signals on the hourly chart, it may consolidate around this level for one to two days.