Technical Analysis: Spot gold is expected to extend its uptrend, targeting $4,192

1. The spot gold is currently operating in the c-wave stage, and this wave structure is expected to drive the price further up to around $4,192 per ounce. 2. Projection analysis shows that this wave has once successfully broken through $4,130 (corresponding to the 161.8% extension level) and is likely to continue moving towards the $4,192–$4,211 range. Channel analysis suggests an even higher potential target at $4,261. 3. It should be noted that a minor channel forms short-term resistance around $4,141, and the market may see corrections or consolidation in this area. However, the overall adjustment is expected to be relatively limited. 4. The key support lies at $4,120 below. If the gold price falls below this level, it could trigger further pullbacks, targeting the $4,099–$4,111 zone. 5. From the daily chart perspective, the price structure formed around $3,965 is increasingly approaching a double-bottom pattern. If the market manages to effectively break through $4,172, it would further confirm this pattern, establishing a bullish target towards $4,422.