Download App

Spot Gold Technical Analysis: The daily spot gold chart shows a consistent upward trend from a low of around $3403 to a high of $4381.29, followed by a rapid pullback, currently trading around $3920. Fibonacci retracement levels are mapped: the 0.618 retracement at $3972.61, the 0.500 retracement at $3845.97, the 0.382 retracement at $3719.34, and the 0.236 retracement at $3562.65. Structurally, gold has fallen below the upper range around the 0.618 retracement, but remains above the 0.500 retracement, representing the more critical pivotal support at $3845.97. This suggests that this decline has yet to disrupt the core of the overall uptrend, remaining in a typical phase of "retracement to a higher high and searching for new support," rather than a full-fledged long-term downtrend. If the gold price continues to fall, the $3845-3850 range will be the first defensive zone to be observed; once this range is lost, the market will begin to focus on the 0.382 retracement level of $3719.34, and further down is the 0.236 retracement level near $3562.65. In terms of indicators, the MACD indicator (26, 12, 9) has shown a significant bearish signal: DIFF is around 80.79, and DEA is around 120.95. The two are rapidly converging downward after forming a dead cross. The MACD histogram is -80.32 and continues to expand below the zero axis, indicating that the bearish momentum is expanding, a typical high-level large-volume decline structure. For the daily level, this expansion of the negative histogram often means that the short-term trend still has the tendency to continue to explore or even retrace the support level below, and "momentum blunting" has not yet appeared. The relative strength index RSI (14) has dropped significantly from the previous extremely overheated zone (high close to 80 or even higher) to around 46.35. The RSI's break below 50 signals a shift in short-term market momentum from bullish to bearish, but the indicator still has significant room to reach the traditional oversold level of 30, indicating that the correction hasn't technically reached an extreme sell-off, theoretically allowing for further downward pressure. Therefore, from a purely technical perspective, gold prices are likely to continue to experience downward inertia before reaching the 0.500 retracement level ($3845.97), rather than an immediate V-shaped reversal. To summarize the technical analysis of this period: the main trend remains the uptrend that originated near $3400, but is currently in the process of retracing from highs and testing support. The MACD is still showing bearish momentum, and the RSI has yet to bottom out. Key defensive zones are concentrated in the $3845-3850 range, followed by $3719. As long as these layers of support remain intact, the overall uptrend remains intact.