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2026-07-16 13:28:12
[Technical Analysis: Spot Gold Fails to Break Downtrend Line, Short-Term Bias Towards Retesting $3983 Support] 1. Spot gold failed to break through the downtrend line, and in the short term, it is biased towards retesting Tuesday's low of $3983 per ounce. The previous rebound triggered by the $4025 support level has formed a narrow neutral consolidation range between $4025 and $4070. 2. As gold prices briefly touched $4025, the bearish characteristics of this consolidation range are emerging, indicating that downward momentum has not yet fully dissipated. 3. The nearest resistance is at $4048. If this level is effectively broken, gold prices could rebound further to the $4070-$4095 range. However, until this resistance is broken, the short-term trend remains biased towards the downside. 4. From the daily chart, gold prices are gradually approaching a retest of the $3965 support level. If this level is breached, it will open up further downside potential, targeting around $3740. 5. During the decline from the July 6 high of $4202, the market has attempted two rebounds, but both failed to reverse the downward trend. Although the overall downward movement has exhibited a sawtooth pattern, bearish sentiment remains clearly dominant.
