Technical analysis: Spot gold may fall to the range of $3264 to $3275
2025-07-09 13:15:37
During the Asian session on Wednesday (July 9), spot gold fluctuated and weakened, and is currently trading around $3,296 per ounce.
Reuters technical analysts pointed out that spot gold could fall to a range of $3,264 to $3,275 an ounce as it briefly broke through a key support level of $3,293.
This support level has been identified as the 61.8% retracement level of the upward trend from $3247 to $3366. A break below this support level will significantly increase the possibility of the market returning to the $3247 low.
Given that a series of retracements have failed to accurately capture price action, the breakout could be a false alarm if gold closes above $3,293 in the next few hours.
The false breakout will be confirmed when the price of gold breaks through the resistance level of $3,306. After the breakout, the price of gold may rise to the range of $3,320 to $3,338.
On the daily chart, the downtrend from $3451 is still intact. The C wave from $3451 is pushing the trend towards the wide target area of $3071 to $3216.
At 13:15 Beijing time, spot gold was trading at $3296.13 per ounce.
Reuters technical analysts pointed out that spot gold could fall to a range of $3,264 to $3,275 an ounce as it briefly broke through a key support level of $3,293.
This support level has been identified as the 61.8% retracement level of the upward trend from $3247 to $3366. A break below this support level will significantly increase the possibility of the market returning to the $3247 low.
Given that a series of retracements have failed to accurately capture price action, the breakout could be a false alarm if gold closes above $3,293 in the next few hours.
The false breakout will be confirmed when the price of gold breaks through the resistance level of $3,306. After the breakout, the price of gold may rise to the range of $3,320 to $3,338.
On the daily chart, the downtrend from $3451 is still intact. The C wave from $3451 is pushing the trend towards the wide target area of $3071 to $3216.
At 13:15 Beijing time, spot gold was trading at $3296.13 per ounce.
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