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2025-10-30 11:38:03
[Spot Gold May Test $3882 Support Level] 1. Technical analysis indicates that spot gold may test the support level of $3882/oz, with a high probability of breaking below this level and further down to $3796. The previous rebound triggered by the $3882 support has been completely reversed, and this reversal suggests that wave C will continue to advance towards the 100% target of $3796. 2. Once the gold price breaks below $3882, the support at $3915, the 61.8% Fibonacci retracement level of the upward move from $3618, will also be considered breached. A break below $3882 would bring a stronger bearish signal, and the market may return to the vicinity of the September 18 low of $3628. 3. Short-term resistance is located at $3979. If this level is broken, the gold price may rebound to the $4022-$4076 range. 4. The daily chart shows that gold has broken below the $4004 support level and completed its retracement to that level. The end of the rebound opens the way for a further drop to $3772. The downside potential may not be limited to $3772. Analysis of the retracement from the $1810 uptrend suggests a further target of $3397, the 38.2% Fibonacci retracement level of the rally from $1810.
