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2025-12-03 13:19:29
[Spot Gold May Retest $4162 Support] 1. Spot gold may retest its Tuesday low of $4162 per ounce. This is mainly because the pullback triggered by the $4260 resistance level appears to be not yet over, and the market still faces downward pressure. 2. The magnitude of this pullback is expected to be similar to that that began from the November 19 high of $4133. According to the upward channel, this pullback could extend to the $4156 level, forming a more complete correction. 3. In the short term, the nearest resistance level is at $4240. If gold successfully breaks through this level, it could trigger further gains, targeting a range of $4260 to $4291. 4. From the daily chart, gold has been relatively volatile after breaking through the $4197 resistance level, showing potential signs of weakness. Furthermore, the spinning top candlestick pattern on December 1st combined with the hanging man candlestick pattern on December 2nd suggests that bullish momentum is waning. Gold is expected to continue consolidating around current levels, or may pull back further to $4084.
