<div id="readability-page-1"><div><div><div>Key points:<ul><li>For more technical analyses, clickTECH/C</li></ul></div>Spot gold may retrace further into a range of $4,361-$4,476 per ounce, driven by a wave c.<figure><figcaption>Thomson Reutersxau</figcaption></figure>The metal failed to stabilise around a key support of $4,662, the 161.8% projection level of the wave c. The failure indicates an extension of this wave toward $4,174 to $4,289 range.A more realistic target is $4,476. Resistance is at $4,777, a break above which may lead to a gain into $4,848 to $4,963 range. On the daily chart, the deep fall from $5,599 confirms the completion of a five-wave cycle from $3,899. A retracement analysis reveals a target zone of $4,300-$4,549, as the market broke the support of $4,749. Given that the wave 5 had extended, the market may stabilize in the zone and start a decent bounce.<figure><figcaption>Thomson Reuterstech</figcaption></figure>* Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.** No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult their own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.​</div></div></div>

Spot gold is expected to retrace further into the $4,361-$4,476 range per ounce, following a failure to stabilize around the key support level of $4,662. This indicates a potential extension towards the $4,174-$4,289 range, with a more realistic target at $4,476. Resistance is noted at $4,777, and a break above could lead to gains into the $4,848-$4,963 range. The market's recent decline from $5,599 confirms the completion of a five-wave cycle, suggesting a possible stabilization and bounce in the $4,300-$4,549 zone.

Reuters

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Spot gold may retrace further into $4,361-$4,476 range