Technical Analysis: Spot gold remains neutral in the $4,300–$4,350 range
- Currently, spot gold is trading within a narrow range of $4,300 to $4,350 per ounce with a neutral trend. A breakout of this range will indicate the next directional move.
- The current consolidation pattern is forming a converging wedge. The final bullish or bearish outcome depends on which trendline the price breaks.
- If gold breaks above $4,350, it could confirm a bullish wedge (or a stronger pennant pattern), with a target range of $4,377 to $4,424. If it falls below $4,300, the wedge would be confirmed as a topping structure.
- On the daily chart, gold faces a resistance zone between $4,385 and $4,391, which consists of the 100% projection level of the minor c wave and the 86.4% projection level of the downtrend from $5,419.
- Given that the rebound from the $4,023 low may be driven by wave d (the fourth wave of the downtrend from $4,889), gold is more likely to pull back toward $4,229 rather than break through $4,391.
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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