Technical analysis: Spot gold may test the $3,383 resistance level
2025-08-13 13:23:46
During the Asian session on Wednesday (August 13), spot gold fluctuated narrowly and is currently trading around the 3350 mark.
Reuters technical analysts pointed out that spot gold may test the resistance level of $3,383 per ounce. It is currently stabilizing near the support level of $3,339.
The support level of $3342 has strengthened the support. Together, the two could trigger a rebound in gold prices to the $3368 to $3375 range.
A break below $3,339 will lead to a drop to the $3,302 to $3,322 range. On the daily chart, a small doji formed on August 12, indicating market hesitation after the sharp drop on August 11.
The rebound on the hourly chart looks like a pullback to $3361. Given that gold has broken below the rising wedge for the second time, it could fall further towards $3120.
The lower metal prices fall, the more bearish the wedge looks.
At 13:21 Beijing time, spot gold was trading at $3350.09 per ounce.
Reuters technical analysts pointed out that spot gold may test the resistance level of $3,383 per ounce. It is currently stabilizing near the support level of $3,339.
The support level of $3342 has strengthened the support. Together, the two could trigger a rebound in gold prices to the $3368 to $3375 range.
A break below $3,339 will lead to a drop to the $3,302 to $3,322 range. On the daily chart, a small doji formed on August 12, indicating market hesitation after the sharp drop on August 11.
The rebound on the hourly chart looks like a pullback to $3361. Given that gold has broken below the rising wedge for the second time, it could fall further towards $3120.
The lower metal prices fall, the more bearish the wedge looks.
At 13:21 Beijing time, spot gold was trading at $3350.09 per ounce.
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