Spot gold technical analysis: Pay attention to resistance near $4,189

1. Technical analysis indicates that spot gold may end its rebound near the resistance at $4,189 per ounce, after which it could retest the September 28 low of $4,111. 2. The current rebound was triggered by the 238.2% projection of the downtrend starting from $4,371. This trend appears not to be completed yet, and projection analysis suggests it may extend further to $4,084. 3. A retracement analysis of the move from $4,316 down to $4,110 shows that the 38.2% level acts as resistance and could be seen as one of the ending points of the rebound. 4. If the gold price breaks above $4,189, it could confirm the extension of the rebound to $4,215. On the daily chart, gold has broken below the key support at $4,231, which is the 61.8% retracement of the move from $3,943 up to $4,696. 5. This break below may have eliminated the opportunity for the upward trend to resume, unless the market can quickly rise above $4,231, which has now turned into resistance.