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2026-01-16 11:55:53
[Technical Analysis: Spot Gold May Pull Back to the $4552-$4570 Range] 1. After failing to break through the resistance level of $4650 per ounce, spot gold's technical pattern suggests it may face pullback pressure, with a downside target range of $4552 to $4570 per ounce. 2. From a wave theory perspective, the repeated resistance around $4650 confirms this level as a significant resistance level for the 261.8% Fibonacci retracement of the uptrend that started at $4310. The current consolidation has formed a wedge pattern above $4589, which is generally considered a bearish continuation pattern with a theoretical downside target of $4552. 3. If gold unexpectedly breaks above $4619, it could open up new upside potential, with the next resistance range at $4634 to $4669. However, the daily chart shows signs of weakening upward momentum around $4629. This resistance level is formed by the 176.4% Fibonacci retracement of the uptrend from $3999 and the upper trendline of the ascending channel. 4. In summary, the dissipation of upward momentum in gold prices increases the likelihood of a pullback to around $4480, a potential target that aligns with the technical guidance of the current ascending channel. Traders should closely monitor breakouts of these key price levels to determine the subsequent trend direction.
