Technical Analysis: Spot gold is expected to retest the $5,410 resistance level, with a breakout targeting $5,506.
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1. Spot gold may retest the resistance level at $5,410 per ounce. If it successfully breaks through, it is expected to rise further to $5,506. The current gold price is operating within wave C. Previously, it was briefly blocked when attempting to break through the 76.4% projection level at $5,410, but the rapid pullback has been systematically reversed, indicating strong bullish intent and a dominant market sentiment. 2. The support below is at $5,300. If this level is breached, it may trigger a price retreat to the $5,194-$5,253 range. On the daily chart, gold is also operating within wave C, which has briefly broken through the 76.4% level at $5,391 and is highly likely to extend further to $5,561. 3. Most of the decline since $5,596 has been recovered, suggesting that the long-term upward trend is likely to have resumed. The market needs to pay attention to the breakthrough of the key resistance at $5,410 to confirm the subsequent upside potential.
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Cointime•2026/03/03 06:46
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