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2026-05-26 12:17:27
[Technical Analysis: Spot Gold May Retrace Further to $4498] 1. Spot gold may retrace further to $4498 per ounce to complete its correction towards the downtrend line. 2. The current decline is temporarily classified as a correction towards the trend line unless the price breaks below the $4498 support level and further declines to the $4451-$4473 range. 3. If the market falls to $4498, the inverted head and shoulders bottom pattern will be difficult to confirm. Conversely, if the price breaks above $4574, it could push the price to the $4613-$4651 range. 4. From the daily chart, the market has once again found support near $4510. This stabilization suggests that the B wave of the decline from $4889 has been completed, followed by an upward C wave reversal. 5. The overall trend remains bearish: the long-term correction that began at $5595 appears not yet over, and this correction consists of three major waves. We are currently in the development stage of wave B, which will be followed by a downward wave C.
