Technical Analysis: Spot gold may test the $4,678 support again. If it breaks down, it is likely to drop further to the $4,641-$4,655 range.

1. Spot gold may retest the support level at $4,678 per ounce; if this level is broken, it could trigger a further decline to the $4,641-$4,655 range. 2. The five-wave cycle starting from $4,500 has already been completed, and the current pullback is expected to consist of three waves. The rebound triggered by the $4,678 support may belong to wave b, which will then face a downward reversal into wave c. 3. On the upside, resistance is at $4,737; if this level is breached, prices may further rise to the $4,755-$4,773 range. 4. On the daily chart, the pullback on the hourly chart appears to be a retracement towards a descending trendline. Given that gold has basically broken through the $4,685 resistance, subsequent gains may extend to the $4,826-$4,967 range, indicating that the pullback on the hourly chart may be relatively moderate.