Technical analysis: Spot gold may rise to the $3383-3388 range
2025-08-14 11:41:58
On Thursday (August 14) in the Asian session, spot gold surged and then fell, and is currently trading around $3,356.47 per ounce.
Reuters technical analysts pointed out that spot gold may rise slightly to the range of $3,383 to $3,388 per ounce, completing the rebound triggered by the support level of $3,339.
The rally was controlled by several projection levels in the C wave from $3,408 and some retracements in the uptrend from $3,270.
Given that gold prices briefly broke through $3,368, it could climb to $3,383 in the future. If gold prices break through this level, they could rise further to $3,388.
Support is at $3,355, a break below which would mean the completion of the rebound and the resumption of the downtrend from $3,408.
On the daily chart, the wave pattern suggests a possible rise around $3,454 as wave 5 could be unfolding.
Failure to break above the $3,376 resistance level would eliminate this possibility.
At 11:40 Beijing time, spot gold was trading at $3,356.00 per ounce.
Reuters technical analysts pointed out that spot gold may rise slightly to the range of $3,383 to $3,388 per ounce, completing the rebound triggered by the support level of $3,339.
The rally was controlled by several projection levels in the C wave from $3,408 and some retracements in the uptrend from $3,270.
Given that gold prices briefly broke through $3,368, it could climb to $3,383 in the future. If gold prices break through this level, they could rise further to $3,388.
Support is at $3,355, a break below which would mean the completion of the rebound and the resumption of the downtrend from $3,408.
On the daily chart, the wave pattern suggests a possible rise around $3,454 as wave 5 could be unfolding.
Failure to break above the $3,376 resistance level would eliminate this possibility.
At 11:40 Beijing time, spot gold was trading at $3,356.00 per ounce.
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