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2026-04-09 11:40:06
[Technical Analysis: Gold May Test $4660 Support, Break Below Could Target $4541-$4601 Range] 1. Spot gold is expected to test the $4660 support level per ounce. A break below this level could open further downside potential to the $4540-$4600 range. The uptrend that began at $4098 may have reversed, as this wave can be clearly divided into a five-wave structure, with Wednesday's brief rally driven by the final wave (marked "e"). 2. A series of projection levels can still be observed in the uptrend that began at $4349, and gold prices may retrace to near the bottom of wave d, around $4540. On the upside, a break above $4732 could push gold prices further up to the $4784-$4853 range. 3. On the daily chart, the uptrend that began at $4098 formed a rising wedge, which appears to have ended near the $4826 resistance level. This is a bearish continuation pattern, and the downtrend that began at $5419 may subsequently resume.
