Technical Analysis: Spot gold may retest the $4,462 support after a weak rebound
- After experiencing a weak rebound to $4,508, spot gold may once again test the support level at $4,462 per ounce.
- The rebound from May 28 to 29 has established a neutral consolidation range between $4,446 and $4,541. Only when the gold price effectively breaks out of this range will the market trend signal become clearer.
- If the gold price breaks above $4,508, it is expected to further move towards the $4,541–$4,562 range; conversely, if it falls below $4,462, it may trigger a new round of declines, with the target near the 200-day moving average of around $4,417.
- From the daily chart, the bullish hammer pattern formed on May 28 was confirmed as a reversal signal by the bullish candle on the following day (May 29). However, since the gold price subsequently only pulled back slightly and entered sideways consolidation, rather than continuing upward to $4,685 as anticipated, the reliability of this reversal signal has been somewhat reduced.
- After conducting a retracement analysis of the uptrend from $4,097 to $4,897, it can be observed that a larger neutral consolidation range lies between $4,403 and $4,592. More development of candlestick patterns is still needed to make a clearer judgment on the trend direction.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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