Spot gold will retest the support level of $3314
On Wednesday (April 23) during the Asian session, spot gold opened lower and fluctuated, hitting an initial low of around $3313.51 per ounce before rebounding to around $3386.49 per ounce, currently trading around $3332.29 per ounce.
Reuters technical analysts pointed out. Spot gold is expected to retest the support level of $3314 per ounce, and a drop below this level could open the way to the $3199 to $3270 range.
Analysts point out that the deep decline starting from $3501 is due to the completion of the five wave cycle starting from $2955. It is expected that this decline will experience two rounds of corrections, one from the upward trend starting at $3199 and the other from the upward trend starting at $2955.
This decline is composed of three small waves. The current intensity of wave B is still unclear. It may end at any level below $3501.
If it breaks through $3385, it will be confirmed that wave B will extend to $3429. A drop below $3350 indicates that Wave C will advance to $3270.
On the daily chart, it can be seen from the meteor on April 22 and multiple bearish deviations on the daily RSI that the five wave cycle starting from $2583 may have been completed.
In the next few weeks, gold prices may retreat to the fourth wave area between $2956 and $3168.
Tips：This page came from Internet, which is not standing for FXCUE opinions of this website.
Statement：Contact us if the content violates the law or your rights