Spot Gold Technical Analysis: Likely to Test the $4,117 Resistance Level Again

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智通财经2026/07/27 04:36

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Technical analysis indicates that after regaining the critical 61.8% retracement level at 4038 of the 3960-4166 rally, gold prices rebounded strongly. Currently, there is potential to retest the resistance level at the 23.6% retracement of $4,117 per ounce.
The price stabilization has increased the likelihood of the upward trend formed since the July 17 low of $3,959 continuing. According to the analysis, this round of rebound may be driven by wave c, which has the potential to break through the previous wave a peak at $4,166.
In the short term, immediate support is at the 38.2% retracement level of $4,087. If this level is breached, gold prices may fall into the $4,038-$4,062 range (50% retracement level). The daily chart shows that after failing to break above the $4,172 resistance, gold is attempting a third attack.
If gold prices successfully rise above $4,172, there is potential to move higher towards the $4,222-$4,310 range; conversely, if they fall below $4,015, it will be considered a strong bearish signal, indicating that the downward trend initiated from $4,889 may resume.
Overall, before gold prices effectively break through the $4,015-$4,172 range, technical trend signals will remain neutral.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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Spot Gold Technical Analysis: Likely to Test the $4,117 Resistance Level Again

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