Spot gold may retest the $4476 support level.

1. After the rebound, spot gold may retest the support level at $4,476 per ounce. If this level is breached, it could further open a downward channel toward the $4,438–$4,458 range.2. As long as the gold price remains below the resistance level at $4,562, the downward trend will stay solid. Once this resistance is broken, it may signal a reversal of the downtrend, and a bullish target of $4,594 will be established.3. The current rebound appears to be mainly triggered by the support level at $4,500 (the May 4th low), which can temporarily be classified as a retracement move.4. From the daily chart, the market has briefly pierced the support level at $4,510. If Monday’s closing price is below this level, the breakdown will be confirmed.5. If the closing price is above $4,510, the situation will become more complicated; gold prices may consolidate above this level for one or two days, or rebound again toward around $4,685.