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2025-10-31 11:27:14
[Spot Gold Expected to Retest $4041 Resistance] 1. Technical analysis suggests that spot gold may retest the $4041 resistance level per ounce, and a break above this level could lead to a further rise to $4061. The rebound from the low of $3886 continues, currently moving upwards along wave c, with a target of the 100% projection level of $4061. 2. Key support is at $3988; a break below this level would signal the end of wave c and open a downside target of $3936. Also, watch for support at the 4-day moving average, currently around $3976. 3. The daily chart shows a false break below the $4004 support level. Wednesday's inverted hammer candlestick was confirmed by Thursday's large bullish candlestick, suggesting a possible reversal of the downtrend, and gold is poised to climb towards the wave b high of $4144.
