Spot gold technical analysis: Minor five-wave cycle points to $4519 resistance level

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智通财经2026/08/20 04:21

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From a technical perspective, spot gold may retest the resistance level of $4,519 per ounce in the short term. If this level is effectively broken through, the gold price could further rise towards the $4,543 to $4,580 range.
The small five-wave upward cycle that started near $4,320 has not yet completed, and the current fifth wave has not yet unfolded, with a target near the peak of the third wave around $4,519. The fourth wave is expected to end near $4,481. If the gold price falls below $4,463, the current bullish wave pattern will need to be reassessed, which may trigger a pullback to the $4,420 to $4,446 range.
The daily chart shows the market is facing a key resistance at $4,528, which is the 61.8% Fibonacci retracement level of the decline from $4,889 to $3,943. The previous $4,420 resistance level led to about a week of consolidation, and the $4,528 resistance is expected to be even stronger, potentially further slowing the upward momentum and triggering a new round of pullbacks. Bullish signals on the hourly chart suggest gold prices may temporarily break above $4,528, but caution is needed regarding the risk of a false breakout.

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: Minor five-wave cycle points to $4519 resistance level

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