Technical analysis: Spot gold may fall to the range of $3293 to $3303
2025-07-10 13:16:37
During the Asian session on Thursday (July 10), spot gold fluctuated slightly higher and is currently trading around 3323, up about 0.3%.
Reuters technical analysts pointed out that spot gold may fall to the range of $3,293 to $3,303 per ounce after it failed to break out of the falling channel.
The failure increases the likelihood that the market will fall toward the July 9 low of $3,283. A more realistic target range is $3,293 to $3,303.
Only a break above $3330 will confirm the continuation of the uptrend and eventually point to $3346. The daily chart shows that the downtrend from $3451 is still intact. The C wave from $3451 is pushing the trend towards a wide target area of $3071 to $3216.
The trend signal will turn bullish if the price of gold climbs above 3361.
At 13:15 Beijing time, spot gold was trading at $3323.86 per ounce.
Reuters technical analysts pointed out that spot gold may fall to the range of $3,293 to $3,303 per ounce after it failed to break out of the falling channel.
The failure increases the likelihood that the market will fall toward the July 9 low of $3,283. A more realistic target range is $3,293 to $3,303.
Only a break above $3330 will confirm the continuation of the uptrend and eventually point to $3346. The daily chart shows that the downtrend from $3451 is still intact. The C wave from $3451 is pushing the trend towards a wide target area of $3071 to $3216.
The trend signal will turn bullish if the price of gold climbs above 3361.
At 13:15 Beijing time, spot gold was trading at $3323.86 per ounce.
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- The market involves risk, and trading may not be suitable for all investors. This article is for reference only and does not constitute personal investment advice, nor does it take into account certain users’ specific investment objectives, financial situation, or other needs. Any investment decisions made based on this information are at your own risk.
