Spot Gold Technical Analysis: Rebound Momentum Weakening, Focus on Support Between $3,975 and $4,008

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智通财经2026/11/06 05:35

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Technical analysis indicates that spot gold is currently testing the 38.2% retracement support of the recent rebound at $4040. If this level is breached, prices may further test the $3975 (61.8% retracement) to $4008 (50% retracement) range.
The rebound that started from $3870 appears to have ended. Gold prices previously surged to $4047 but failed to break the key resistance at $4156, which is the 261.8% projection level of wave c from $3895, confirming the completion of the rebound.
Resistance above is at $4071; if price breaks upward, it could further advance towards the $4081 (23.6% retracement) to $4107 range.
Daily chart wave structure shows that the fourth wave in the five-wave cycle from $4694 has already completed, and it is expected to be fully reversed by the upcoming fifth down wave.
Overall, gold prices have a short-term bearish bias; focus on whether the $4040 support will be lost.

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: Rebound Momentum Weakening, Focus on Support Between $3,975 and $4,008

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