Spot Gold Technical Analysis: Wedge Pattern May Signal a Rebound Towards the 4380-4420 Range
智通财经2026/08/19 03:41- Based on comprehensive projection analysis and wedge pattern indications, spot gold is expected to see a short-term rebound, with the target range pointing to $4,380 to $4,420 per ounce.
- The current consolidation is expected to move within the wedge pattern, with the upper trendline aiming for the $4,420 target. If gold prices can effectively break through this resistance area, the rebound potential will expand further.
- However, if gold prices fall below the $4,320 support level, this pattern may evolve into a double top structure, which would then establish a downside target of $4,220.
- From the daily chart, the market has initially broken upward above a descending trendline. Currently, gold is consolidating between $4,309 and $4,421, which can be viewed as a retest of the breakout for now. However, if gold prices fall below $4,309, it will not only trigger further downside risk toward $4,170, but also increase the likelihood of a larger downtrend continuation that began from $5,595.
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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