Spot Gold Technical Analysis: Wave C May Drive Gold Price Down to $3,970

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智通财经2026/07/29 11:06

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From a technical perspective, spot gold currently may further decline to around $3,970 per ounce, with this downward expectation mainly driven by the extension of wave C.
Projection analysis shows that wave C once broke below its 61.8% projection level at $4,025, and this extension signal indicates the wave is capable of continuing its decline towards $3,970.
If gold prices rebound from the current level, this can be viewed as a pullback confirmation to the ascending trendline in the short term, with the rebound likely to encounter resistance near $4,060. If prices break above this resistance, there is further upside potential towards the $4,081 to $4,094 range.
Technical signals on the daily chart appear somewhat contradictory, with prices generally trapped within a narrow consolidation range between $3,965 and $4,172. However, impacted by the previous trading day’s downtrend and wedge pattern structure, the short-term bias is skewed towards the downside.
The formation of the wedge pattern further confirms that bearish sentiment currently prevails in the market, as if sentiment were upbeat, prices would have already broken upward through the descending channel’s resistance.

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: Wave C May Drive Gold Price Down to $3,970

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