Reuters analyst sees spot gold possibly retracing toward $4,073 low

what happened

Reuters technical analyst Wang Tao, who covers commodities and energy, says spot gold may fall back toward its October 14 low of $4,073 an ounce. He points to a wedge pattern whose lower trendline targets that level.

According to him, the wedge could be either a bottom or a bearish continuation pattern, depending on which trendline breaks. Current readings point to a break below $4,073. Resistance sits at $4,135, and a move above it could lift gold into the $4,150–$4,169 range. On the daily chart he sees a risk of a break below the $4,096 support and a drop toward $4,036–$4,067, since the bounce from that support looks weak. He also notes that a wave (c) from $4,512 could reach $3,937.

why it matters

For gold traders this is a chart-based signal rather than a fundamental one, so $4,073 and $4,096 are the levels to watch. The view relies only on technical patterns and ignores macro drivers, so it should be read as one analyst's opinion. This is not investment advice.

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