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2025-09-17 13:15:00
【Technical Analysis: Spot gold may fall back to the $3624-3653 range】 1. Spot gold may retreat to the $3624-3653 range per ounce as it has failed to break through the $3701 resistance level. 2. Gold prices appear to have lost momentum around this resistance level. Considering that the five-wave cycle that started around $3324 is about to end, gold prices may see a sharp correction. 3. The hourly RSI indicator even showed a five-wave cycle, which confirms that the upward trend is very weak. However, breaking through $3701 will push the price up to $3779. On the hourly chart, the bearish divergence of the RSI also indicates a considerable correction, which seems to be triggered by the $3705 resistance level. The correction may be located at the bottom of the (4) wave around $3630.
