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2025-11-03 14:21:42
[Gold Price Approaching Key Resistance Level; Breakout Could Open Upside Potential] 1. Technical analysis indicates that spot gold may once again challenge the key resistance level of $4037 per ounce. A successful breakout is expected to lead to a further rise towards the $4057-$4077 range. This potential move suggests that buying power remains active, and bulls are attempting to regain control. 2. Structurally, the rebound in gold prices from $3886 is not yet over and may currently be in the final wave of a five-wave structure. Guided by the upper trendline of an ascending wedge, the ongoing e-wave is expected to push prices towards the $4057-$4077 target area. This technical pattern suggests that the current rebound momentum continues, but caution is warranted regarding potential increased volatility at the end of the wedge pattern. 3. If gold prices fail to hold the current support, the key level below lies at $3986. A break below this level could trigger a pullback to the $3949-$3970 range. Traders should closely monitor the performance of this support area to assess the possibility of a short-term shift in market strength. 4. From a daily chart perspective, the correction in gold prices since $4381 has been constrained by two significant retracement sequences: one is a correction of the upward trend that started at $1810, and the other is a pullback to the rise from $3120. It's worth noting that after finding strong support near $3900, gold prices have now successfully broken through the $4004 level. This breakout suggests that this rebound may continue to extend towards higher targets, potentially challenging the $4084-$4199 range in the medium term.
