Spot Gold Technical Analysis: May Test the $4,342 Support Level Again

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智通财经2026/09/09 04:36

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From a technical perspective, spot gold may once again test the support level near the 100-day moving average at $4,342 per ounce in the short term. If this level is effectively breached, it may open up further downside potential, with targets at the $4,282–$4,300 range.
The market is still constrained by multiple Fibonacci retracement levels within the current downturn from the $4,696 high to the $4,281 low. The rebound previously triggered near the 14.6% retracement level ($4,342) requires attention to the $4,380 resistance, as its price movement is more characteristic of a pullback confirming the bearish flag formation, with a target at $4,300.
Considering the previous decline from $4,696 has shown a five-wave structure, the current trend may be forming a zigzag correction pattern. If this pattern takes shape, it suggests a further risk of price falling toward the $4,100 area.
On the upside, if gold breaks above $4,380, it could trigger a rebound toward $4,440. Further increases may invalidate the current bearish outlook, so attention should be paid to any breakout of key resistance above.
The daily chart shows that the rebound from September 2 to 3 has formed a neutral consolidation area in the $4,306–$4,533 range. Until price clearly breaks away from this zone, trend signals remain unclear. However, hourly chart technical indicators suggest a bearish bias, with short-term downward pressure being relatively dominant.

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: May Test the $4,342 Support Level Again

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