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2026-09-16 12:08:08
[Gold Technicals Strengthen: Watch for Resistance Around $4355] 1. Spot gold has broken above the resistance level of $4306 per ounce and is expected to rise further towards $4355 in the short term. 2. Gold prices previously stabilized near the support zone of $4254 to $4266. This zone consists of two technical levels: the 61.8% projection of the C wave that started from $4510, and the 100% projection of the smaller C wave that started from $4403. 3. These two waves may end near this zone or extend further downwards. Regardless of the final destination, gold prices currently appear to be rebounding along a descending channel, targeting $4355. 4. A break below $4285 could indicate that the downtrend within the descending channel will continue. 5. The daily chart suggests that the previous break below the $4306 support may have been a false breakout, as gold prices are attempting to regain that level rather than continuing to fall towards $4168. If the downward false breakout is confirmed, gold prices may then see a decent rebound, targeting around $4415.
