Spot gold technical analysis: bearish signals on the daily chart, watch for support at $3,880

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智通财经2026/11/02 05:35

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Technical analysis indicates that spot gold may retest the support level at $3,880 per ounce; if this level is breached, it could further decline toward the $3,824–3,858 range.
The upper resistance is at $3,913, and if it breaks above this, it may rise toward the $3,932–3,947 range.
The daily chart shows a very bearish signal. In the long term, the downward trend since the January high of $5,596 may have resumed, as the market has broken below the June low of $3,944.
Wave C, which began at $4,696, is driving the downward trend, with a target area of $3,053–3,680, defined by the 100% and 61.8% projection levels. Another projection analysis of the decline from $4,511 indicates a realistic target area of $3,779–3,840.

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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Spot gold technical analysis: bearish signals on the daily chart, watch for support at $3,880

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