Live Updates > Live Update Details
2025-10-29 13:11:05
Spot Gold Faces a Key Support Test: 1. Technical analysts suggest that spot gold prices may retest the $3,885 support level. A break below this level would open further downside potential, targeting $3,798. The C-wave correction from the $4,151 high is not yet complete and is expected to extend to its 100% projection at $3,798. 2. Wave C consists of five sub-waves, with Minor Wave 4 currently appearing to end near $3,982. Next, Minor Wave 5 is expected to push gold prices towards $3,798. However, if gold breaks through the $3,982 resistance level, a rebound to the $4,026-4,080 range is possible. 3. On the daily chart, gold has broken below the $4,004 support level, paving the way for a further decline towards $3,772. The mild rebound on the hourly chart appears more like a retracement following the break below $4,004 than a trend reversal. 4. Overall, this correction is a reaction to the long-term upward trend that started at $1810. Mathematical analysis suggests this correction could extend as far as the 38.2% retracement level at $3397. Investors need to closely monitor these key levels to determine the market's next move.
