Technical Analysis: Gold price may rebound slightly to the $4,367-$4,377 range

1. Spot gold may break through the resistance level at $4,350 per ounce and slightly rise into the $4,367–$4,377 range.2. The current rebound is expected to comprise a three-wave structure. The increase in wave c may be roughly equivalent to that of wave a, eventually reaching the target area mentioned above.3. Once this round of rebound is completed, the overall downward trend is expected to continue. Immediate support is located at $4,320; if this level is breached, gold prices may further drop to $4,270.4. From the daily chart, the large bearish candlestick on June 5 released strong bearish momentum. The current movement appears to be more of a continuation of the downtrend since the $5,595 peak than a bottoming consolidation above $4,098—because gold has already broken through the key support at $4,403, which is the 61.8% retracement level.5. At present, the market seems to be retracing towards $4,403. If the rebound is weak, the retracement may end well below this level; if the rebound is strong, it may extend closer to the $4,403 mark.