Spot Gold Technical Analysis: Focus on the Breakout Situation in the 4184–4231 Range

1. Technical analysis shows that driven by wave c, spot gold may continue to rise to $4,231 per ounce. This wave c started from $4,105 and once briefly broke through the 138.2% projection level of $4,215, with its endpoint likely to be near $4,215 or $4,231. 2. As long as the gold price remains above $4,184, it is expected to climb further to $4,231; if it falls below $4,184, it may indicate that wave c has finished and open up space for a drop to the $4,145–$4,154 range. 3. On the daily chart, after stabilizing around $4,122, the gold price appears to be rising towards the $4,231 resistance level. Once this resistance is broken, it could not only open the way to the $4,322 to $4,411 range, but may also mean the uptrend that started from $3,943 will continue.