Spot Gold Technical Analysis: Watch for Resistance Near $4,680

1. From a technical perspective, after a brief retracement, spot gold may retest the resistance level at $4,681 per ounce. If this level is effectively breached, gold prices are likely to move further upwards into the $4,705 to $4,745 range.2. The earlier retracement from the $4,680 resistance level reached a low of around $4,605. This pullback could be the fourth wave in a five-wave uptrend cycle that started at $4,324. This correction is expected to be reversed by an upward fifth wave, which is advancing towards the target of $4,745—calculated based on the magnitude of the fourth wave.3. In the short term, support is located at $4,640. If gold prices fall below this level, it may trigger a further decline towards the $4,580 to $4,610 range. However, as long as gold holds above this support area, the overall upward momentum remains intact.4. On the daily chart, a doji candlestick pattern has formed near the resistance at $4,666, which is the 76.4% Fibonacci retracement level of the downtrend from the $4,889 high to the $3,945 low. This pattern indicates market hesitation, which could lead to either a resumption of the upward move or a retracement towards $4,530. However, signals from the hourly chart are leaning more towards a recovery in the uptrend.