Technical analysis: Spot gold may consolidate in the range of $3342 to $3364 for a day
2025-08-04 13:39:36
During the Asian session on Monday (August 4), spot gold fluctuated narrowly and is currently trading around $3,357 per ounce.
Reuters technical analysts pointed out that spot gold may consolidate in the range of $3,342 to $3,364 per ounce before resuming its rise towards the target of $3,387.
Gold is currently in a wave C trend and has not yet been able to break through the resistance level of $3364 (its 50% forecast level is $3301).
After this breakout, the price is expected to consolidate above $3,342. Once this consolidation is completed, the uptrend will resume as wave C to $3,387 is possible.
A break below $3,342/oz could trigger a drop to $3,314/oz. On the daily chart, gold faces resistance at $3,361/oz, which, together with the resistance at $3,364/oz on the hourly chart, prevents gold from rising.
The nature of the current rise in gold prices remains unclear. It could be a simple rebound from the drop to $3,439, or it could be a continuation of a long-term upward trend.
At 13:38 Beijing time, spot gold was trading at $3356.41 per ounce.
Reuters technical analysts pointed out that spot gold may consolidate in the range of $3,342 to $3,364 per ounce before resuming its rise towards the target of $3,387.
Gold is currently in a wave C trend and has not yet been able to break through the resistance level of $3364 (its 50% forecast level is $3301).
After this breakout, the price is expected to consolidate above $3,342. Once this consolidation is completed, the uptrend will resume as wave C to $3,387 is possible.
A break below $3,342/oz could trigger a drop to $3,314/oz. On the daily chart, gold faces resistance at $3,361/oz, which, together with the resistance at $3,364/oz on the hourly chart, prevents gold from rising.
The nature of the current rise in gold prices remains unclear. It could be a simple rebound from the drop to $3,439, or it could be a continuation of a long-term upward trend.
At 13:38 Beijing time, spot gold was trading at $3356.41 per ounce.
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