Spot gold technical analysis in Funan County: pay attention to resistance near 4184

1. Spot gold has already broken through the resistance level at $4,070 per ounce and may continue its upward trend, entering the $4,188 to $4,281 range. This strong rebound originates from the completion of a five-wave cycle since $4,696. Retracement analysis shows that the initial target is $4,184, corresponding to the 38.2% level of the decline from $4,696 to $3,870, which is close to the peak of the first wave.2. As upward momentum is strong, the target may not be limited to $4,188 and could further reach $4,281 to $4,378, corresponding to the 50% and 61.8% retracement levels.3. On the hourly chart, the target of the c-wave initiated from $3,895 is $4,156, which is the 261.8% retracement level. Retracement support is expected in the $4,109 to $4,118 range.