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2026-11-04 13:18:29
[Spot Gold Technical Analysis: Range-bound with a bearish bias; watch for support at $3890 and $3840] 1. From a technical perspective, spot gold is currently trading within a narrow range of $3913 to $3967 per ounce, with a neutral directional signal. A breakout from this range could provide further guidance. 2. The decline from $4207 can be broken down into a five-wave structure, typically indicating a potential rebound; however, another wave count suggests the downtrend is not yet over and a double zigzag pattern may form. 3. Forecast analysis of the decline since $4198 suggests a possible pullback to the $3820-$3860 range. Considering current signals, the downward bias is relatively stronger. 4. If the price breaks above $3967, it could rebound further to the $4000-$4030 range. On the daily chart, after rebounding from the $3890 support, the price fell back to near the June 30 low of $3943, which is also a bearish signal. 5. A break below $3890 could confirm an extension of the downtrend to $3840, which is the 161.8% Fibonacci retracement level of the decline from $4512.
