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2026-05-29 13:44:25
[Technical Analysis: Spot Gold May Retrace to $4466 Before Rebounding] 1. Spot gold may first retrace to $4466 per ounce, then retest the resistance level of $4520. 2. Gold prices have previously attempted to break through this resistance level twice without success, indicating that the first round of rebound from $4367 has ended. Due to strong rebound momentum, it is expected that after a shallow pullback, gold prices will continue to rise, targeting $4581 (the high point of wave B). 3. If gold prices can break through $4520, they are expected to rise further to the $4580-$4620 range. 4. From the daily chart, gold is currently stabilizing near the support level of the 200-day moving average. Thursday's candlestick closed as a hammer with a long lower shadow, suggesting that the downtrend that started from $4773, or the longer-term downtrend that started from $4889, may be reversing. 5. However, this reversal signal still needs confirmation from Friday's positive candlestick. If Friday ultimately closes with a negative candlestick, especially if the closing price is close to the 200-day moving average, currently near the 4400 level, then the hammer candlestick reversal pattern will be invalidated.
