Technical analysis: Spot gold may retest resistance near the July 1 high of 3358
2025-07-02 13:18:13
During the Asian session on Wednesday (July 2), spot gold fluctuated narrowly and is currently trading around $3,340 an ounce.
Reuters technical analysts pointed out that spot gold may revisit the July 1 high of $3,358 an ounce as the uptrend that started from $3,247 does not appear to be completed.
This trend consists of five minor waves. The decline from $3,358 was driven by the fourth wave. This decline can also be classified as a correction, moving in the direction of the downtrend line.
The fifth wave, or e-wave, is unfolding towards $3358. Assuming it moves in roughly the same direction as wave a, it could potentially move to $3374.
A break below $3,329 will signal a reversal of the uptrend. Accordingly, a bearish target zone will be set at $3,294 to $3,306.
On the daily chart, a forecast analysis of the downward trend from $3451 shows a higher target at $3396, which will be confirmed when the gold price breaks through $3361.
At 13:18 Beijing time, spot gold was trading at $3340.48 per ounce.
Reuters technical analysts pointed out that spot gold may revisit the July 1 high of $3,358 an ounce as the uptrend that started from $3,247 does not appear to be completed.
This trend consists of five minor waves. The decline from $3,358 was driven by the fourth wave. This decline can also be classified as a correction, moving in the direction of the downtrend line.
The fifth wave, or e-wave, is unfolding towards $3358. Assuming it moves in roughly the same direction as wave a, it could potentially move to $3374.
A break below $3,329 will signal a reversal of the uptrend. Accordingly, a bearish target zone will be set at $3,294 to $3,306.
On the daily chart, a forecast analysis of the downward trend from $3451 shows a higher target at $3396, which will be confirmed when the gold price breaks through $3361.
At 13:18 Beijing time, spot gold was trading at $3340.48 per ounce.
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