Spot Gold Technical Analysis: Watch for Resistance at $4217, Upward C-Wave Poised for Breakthrough

1. Technical analysis shows that spot gold may once again test resistance near the previous trading day's high at $4,217/oz, as the pullback that began from this level may already be complete. 2. Gold prices have rebounded significantly near the key support at $4,148, which is the 61.8% retracement level of the rise from $4,105 to $4,217, indicating that the correction may be over. 3. Wave structure suggests that a new upward c-wave is forming and is likely to break through $4,217; if prices fall below $4,161 again, a further retreat to the $4,130-$4,148 range is possible. 4. On the daily chart, the market remains in the $4,105 to $4,231 range. If it breaks above $4,231, it could open up room to $4,320-$4,410 and also mean that the rally that started from $3,943 will continue. 5. If prices fall below $4,105, a bearish outlook may emerge, with a potential further decline to the $3,943-$4,046 range. However, considering there is still a possibility of continued gains near $3,943, the current trend remains slightly bullish?