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2026-09-17 12:12:09
[Spot Gold Technical Analysis: Focus on $4257 Support Level] 1. Spot gold may retest the $4257 support level per ounce. A decisive break below this level could lead to further declines towards the $4155-$4200 range. 2. Gold prices failed to hold after briefly breaking above the descending channel, and this failure, coupled with the subsequent deep pullback, confirms the continuation of the downtrend. Driven by wave C, the decline could extend to $4100, the 100% projection of that wave. 3. Resistance is located at $4318. A break above this level could lead to further gains towards the $4354 resistance. 4. On the daily chart, gold prices have initially broken below the $4318 support level, opening up space towards the $4085-$4170 range. The nature of the current decline is unclear. 5. This decline could be a continuation of the downtrend since $5596, or a deep correction of the rebound from $3943. Overall, if a second wave of rebound occurs, the deeper the current decline, the weaker the rebound is likely to be.
