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2025-07-29 11:46:38
[Technical Analysis: Spot gold may fall to $3,290] 1. Reuters technical analysts pointed out that spot gold may fall below the support level of $3,308 per ounce and fall to $3,290. 2. Gold prices are in a C wave trend, which briefly touched the 86.4% forecast level of $3,301. This wave is likely to extend to the 100% forecast level of $3,290. 3. A retracement analysis of the upward trend from $3,248 showed that the price fell below the 61.8% level of $3,321. This breakthrough increases the possibility of the C wave moving towards $3,248. 4. If it breaks through $3,323 upward, it may rebound further to the $3,333 to $3,344 area. 5. On the daily chart, gold prices are about to break through the triangle pattern, which looks like a top pattern. A break below this level will confirm this bearish triangle and the target of $3,123.
