Technical Analysis: Spot gold faces key resistance and may retest the $4,022 support level in the short term

1. Spot gold may retest the July 8 low of $4,022 per ounce, as the rebound from that low has stalled near the key resistance level of $4,133. This resistance level is a crucial point in determining whether the downtrend from the $4,202 high will continue or if the rebound initiated from $4,022 can resume.2. Currently, after being blocked at $4,133 (the 61.8% retracement level of the $4,202-$4,022 decline), the gold price has pulled back, confirming short-term downward pressure. Immediate resistance is at $4,090, and if this level is effectively breached, it may further test the $4,112 (50% retracement) to $4,133 range; otherwise, a continued decline is possible.3. The daily chart shows that gold is preparing to retest support at $4,015. If this level is broken, further downside may be opened, targeting the $3,746 to $3,950 range.