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2025-09-18 11:35:37
[Spot gold may fall to the $3,617 to $3,630 range] 1. Technical indicators show that spot gold may fall to the $3,617 to $3,630 range per ounce, as the five-wave cycle that started at $3,311 may have completed. 2. Gold prices have failed to break through the $3,705 resistance level twice. This suggests the formation of a double top pattern, and this trend has almost been confirmed. 3. The real confirmation will be the market breaking through the $3,650 support level. The bearish divergence of the RSI on the hourly chart indicates that there is little chance that gold will retest the $3,705 resistance level. 4. The current resistance level is $3,684, and breaking through this resistance level could push the price up to the $3,705 to $3,739 range. On the daily chart, the RSI indicator shows a five-wave cycle, indicating a deep correction. 5. A bearish engulfing pattern formed between September 16 and September 17, foreshadowing a reversal of the uptrend.
