Technical Analysis: Gold price may stabilize and rebound around $4,110, watch for double bottom confirmation signals

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智通财经2026/07/23 04:11

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Spot gold may stabilize near the support level of $4,110 per ounce and once again test the resistance at $4,160. After gold prices previously failed to break through this resistance and began a pullback, the current correction is regarded as the fourth wave structure. This wave may be completed near $4,110, after which a reversal upward with the fifth wave may occur.
If gold prices fall below the $4,110 support, the current wave count will become invalid, which may also trigger a further decline towards $4,080. Conversely, if gold prices break through $4,140, it will confirm the continuation of the uptrend, targeting the $4,160 to $4,180 range.
From the daily chart, bullish signals have weakened, and there are discrepancies compared to hourly signals. Gold prices failed to break the key resistance at $4,172. This failure has made the short-term trend more complicated, and only a breakout above this resistance can confirm the validity of the double bottom pattern.
If the consolidation evolves into a platform distribution pattern, it would belong to a bearish continuation structure. Therefore, Thursday’s market performance will serve as a key reference for judging the subsequent 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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Technical Analysis: Gold price may stabilize and rebound around $4,110, watch for double bottom confirmation signals

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