Spot gold technical analysis: Pay attention to support near $3967

1. Based on predictive analysis, the decline in spot gold may widen to USD 3,967 per ounce. Wave C, which started from USD 4,198, briefly broke below its 138.2% projection level at USD 4,001, and is more likely to extend to USD 3,967, which is the 161.8% level. 2. The resistance is at USD 4,035; a breakout may bring an upward move with targets at USD 4,045 to USD 4,055. On the daily chart, the downward trendline prediction that began from USD 4,512 is already far below its 100% projection level at USD 4,096, with a strong possibility of further extension to the USD 3,839 to USD 3,937 range, which is formed by the 161.8% and 138.2% levels.