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2026-07-14 13:12:16
[Technical Analysis: Spot Gold May Retest $3983 Support, Downside Risks Remain in the Medium Term] 1. From a wave structure perspective, the C-wave correction that started from the $4138 high is not yet complete. Projection analysis shows that the 100% target of this wave is $3957. The current rebound triggered by the $3983 support level is likely just a technical pullback towards the previous support level of $4026, and the sustainability of the rebound is questionable. 2. If the gold price breaks below $3983, it may open up further downside potential, targeting the $3930-$3957 range. Conversely, if it breaks above $4026, it could push the gold price to the $4048-$4069 range. 3. From the daily chart, gold is facing pressure to retest the $3960 support level. If this level is breached, the gold price may further decline to $3746. The current downtrend is still considered part of the fifth wave since the $4383 high. 4. More importantly, this wave may have ended prematurely on June 30th, a bearish scenario. If so, the previously anticipated fifth wave could actually evolve into a stronger (3) wave, potentially moving along the downtrend line to a deeper target range of $3040.
