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2025-11-18 13:20:53
[Spot Gold Short-Term Bearish Outlook, Potentially Testing $3935] 1. Spot gold is currently in a continuation phase of its downtrend from the high of $4381, and is expected to decline further, at least reaching around $3935, a level close to the low of wave b. 2. The current decline is considered a C-wave impulsive move. Once confirmed, this will drive gold prices into a broad target range of $3752-$3941, corresponding to the 100% and 61.8% projections of wave A (from $4381 to $3886), respectively. 3. Analyzing the retracement from the $3886 rise, the 61.8% retracement support of wave B (from $3886 to $4247) at $4024 has been clearly breached, triggering only a limited rebound that reached a high of $4109. If it fails to effectively hold above $4066 (the 50% retracement of wave B), the rebound will be considered over. 4. The daily chart shows that gold is simultaneously facing two larger-scale retracement resistance levels (from the starting points of the rise at $1810 and $3120 respectively), and the support rebound near $3900 has been completely reversed. 5. This reversal signal indicates that the correction is not yet over, and gold prices are highly likely to further test the $3751-$3900 range. Investors need to closely monitor whether this area holds.
