Technical analysis: Spot gold may fall to the range of $3294 to $3309
2025-08-15 11:01:27
On Friday (August 15) in the Asian session, spot gold rebounded slightly and is currently trading around $3,340 per ounce, up about 0.15%.
Reuters technical analysts pointed out that spot gold may fall below the support level of $3,334 per ounce and fall to the range of $3,294 to $3,309.
The metal failed in its first attempt to break below the support level near 3334 on August 12. It may have a better chance of breaking below this support in the current attempt.
The market is expected to experience a strong wave C that is expected to reach $3298. This wave C is part of a larger wave C that started at $3408 and could extend to $3269.
A break above $3,346 would signal a return to the consolidation trend from $3,337 to $3,357. The daily chart shows that gold failed to break through the resistance level of $3,380.
The bullish target of $3,458 has been invalidated. A break above $3,380 would reinstate the bullish target. A break below $3,332 could lead to a drop to $3,253.
At 11:00 Beijing time, spot gold was trading at $3,340.68 per ounce.
Reuters technical analysts pointed out that spot gold may fall below the support level of $3,334 per ounce and fall to the range of $3,294 to $3,309.
The metal failed in its first attempt to break below the support level near 3334 on August 12. It may have a better chance of breaking below this support in the current attempt.
The market is expected to experience a strong wave C that is expected to reach $3298. This wave C is part of a larger wave C that started at $3408 and could extend to $3269.
A break above $3,346 would signal a return to the consolidation trend from $3,337 to $3,357. The daily chart shows that gold failed to break through the resistance level of $3,380.
The bullish target of $3,458 has been invalidated. A break above $3,380 would reinstate the bullish target. A break below $3,332 could lead to a drop to $3,253.
At 11:00 Beijing time, spot gold was trading at $3,340.68 per ounce.
- Risk Warning and Disclaimer
- The market involves risk, and trading may not be suitable for all investors. This article is for reference only and does not constitute personal investment advice, nor does it take into account certain users’ specific investment objectives, financial situation, or other needs. Any investment decisions made based on this information are at your own risk.
