Spot gold may retest Monday’s high of $4,217, analysis says

what happened

Newsmetry API reports that spot gold could retest the previous trading session’s high of $4,217 an ounce, as the pullback from that level may have ended. The signal came from a strong rebound near key support at $4,148, which represents a 61.8% retracement of the move from $4,105 to $4,217. The wave structure points to an advancing wave c that could move beyond $4,217.

A move under $4,161 could send the metal toward $4,132-$4,148. On the daily chart, prices are still contained within a neutral $4,122-$4,233 band. A break above $4,233 would expose the $4,322-$4,411 area and indicate that the advance from $3,943 is extending. By contrast, a fall through $4,122 could open the way to $3,943-$4,046. Given the potential continuation of the rise from $3,943, the directional bias may remain higher.

The analysis was written by Wang Tao, a Reuters market analyst covering commodities and energy technicals. His work is published exclusively on Workspace, a London Stock Exchange product. The analysis is not business, financial or legal advice, and readers should consult their own professional or other advisers regarding the products discussed.

why it matters

The cited levels define the main technical thresholds for gold: breaks of $4,161, $4,122 or $4,233 could alter the near-term setup and broaden the range of possible moves.

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