Spot Gold Technical Analysis: Gold Price May Test Support Near 4282

1. Technical patterns and projection analysis indicate that spot gold may retest the September 2 low of $4,282 per ounce. 2. Wave C, which started from $4,512, is heading toward its 61.8% projection level at $4,257. If this wave fully unfolds, it could further extend to $4,100, which is the 100% projection level, as this may become the third leg of the zigzag correction since $4,696. 3. The upper resistance is at $4,380. If this level is breached, gold prices may move up to $4,440. On the daily chart, the market is retesting the $4,306 support. Once it is effectively broken, it could open up downside space toward $4,168. 4. From a strategic perspective, if gold prices fall to $4,280, a breakdown may be confirmed. During the decline from the September 3 high of $4,512, the number of bearish candles has exceeded bullish candles, reflecting that bearish sentiment is dominant. In the short term, it is relatively difficult to break above $4,417, and the probability is low.