Spot Gold Technical Analysis: The rebound lacks momentum, focus on the support at the 3870 USD low

1. Technical analysis indicates that spot gold may once again reach the October 30 low of $3,870 per ounce, as the rebound that began from this level may have ended. 2. Gold prices have failed twice to break through the $3,967 resistance, indicating that the rebound is complete. The rebound from $3,870 can be clearly divided into a three-wave structure, which also suggests that the rebound is nearing its end. 3. If gold prices break above $3,967, they may further rise to the $3,984–$4,001 range. On the daily chart, after a large bearish candle on October 30, a small bullish candle was recorded on Monday; this combination does not strongly signify a bullish reversal. 4. The downtrend remains valid and may extend toward around $3,840, which is the 161.8% projection level of the decline from $4,512.