Technical analysis: Spot gold may move up to test the resistance zone at $4128-$4142

1. Spot gold may test the resistance range of $4,128 to $4,142 per ounce to the upside. If this range is effectively breached, the price of gold is expected to further rebound to the $4,166 to $4,189 range.2. The price has successfully stabilized near the key support level of $4,050, indicating that the downward pressure since the $4,382 high has been temporarily released.3. If gold continues its rebound, the target may point to around $4,220, close to the previous D wave high in the wave structure.4. However, if the price of gold falls below $4,050, it may trigger a new round of downward pressure, with the next target at $4,000–$4,025. Investors should closely monitor the effectiveness of the above-mentioned support and resistance levels.