Technical Analysis: Spot gold may stabilize around $5,140, with potential to test the $5,244 resistance level upwards

1. Spot gold is currently receiving strong support near $5,140 per ounce, which is within the range of the minor wave iv, enhancing the likelihood of effective stabilization at this level. If this support is confirmed, gold prices are expected to retest the resistance at $5,244. 2. On the upside, the recent resistance is at $5,205. If this level is breached, gold prices may further rise to the $5,221-$5,244 range. From the daily chart structure, wave C that started from $4,841 has not yet reached its target price of $5,286, indicating there is still room for further upside. 3. Although gold prices have rebounded significantly from the low of $4,401, it remains unclear whether the long-term uptrend has resumed. If a breakout above $5,286 can be achieved in the future, it will serve as the first strong technical signal for a trend restart.