Spot gold technical analysis: Pay attention to the $4,420 resistance level

1. From a technical perspective, spot gold currently has the possibility of retesting the resistance level at $4,420 per ounce. If this resistance is effectively broken, the gold price may further explore the $4,446 to $4,481 range.2. Analyzing the wave structure, the upward cycle initiated near $4,020 is not yet complete. The current fifth wave is advancing towards the peak of the third wave (around $4,446), and there is potential for this wave to break above that level.3. The short-term support is at $4,381. If this level is breached, the gold price may drop back to the $4,320 to $4,351 range.4. On the daily chart, the gold price has broken above the descending trendline that previously pressured the market. Recent consolidation can be seen as a retest confirmation of this trendline. As long as the price remains stable above $4,310, there is still medium-term potential to rise further to the $4,533 to $4,672 region.