Spot Gold Technical Analysis: Further upside expected after breaking key resistance

智通财经2026/08/24 06:28

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1. From a technical perspective, spot gold has successfully broken through the key resistance level at $4,640 per ounce—this position represents the 261.8% Fibonacci projection level of the upward trend from $3,959. Since the gold price did not stall at this level, projection analysis suggests that prices are highly likely to climb further to $4,840. 2. In the short term, support is at $4,615 (near the 200-day moving average). If prices fall below this level, a pullback to the $4,550–$4,580 range may be triggered. However, as long as gold remains above this support, the overall upward trend is expected to stay intact. 3. The daily chart shows the market has also broken through another key resistance at $4,528—this is the 61.8% Fibonacci retracement level of the decline from the $4,889 high to the $3,943 low. After breaching this level, the likelihood of a further rise toward $4,889 increases. 4. A more conservative target is $4,760, which will be confirmed once prices break through $4,666 (the 76.4% retracement level). Overall, technical signals suggest that gold is likely to maintain its upward momentum.

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