Technical analysis on June 24 showed that spot gold may retest the May low of 3,120 US dollars/ounce in the third quarter. The third wave, which started at a low of $1,810 in October 2023, was completed around $3,469 and failed to break through the April high of $3,500. The MACD on the weekly chart formed a “death cross”, and the RSI showed a top divergence, suggesting that the probability of gold breaking through $3,469 in the short term is low. The current adjustment wave consists of three small waves, of which wave c may decline to the $3010-3123 range. If the key support level of $3010 falls, it could open room for $2,551. The daily chart shows that the $3151 support level has withstood the initial selling pressure, but after the rebound was blocked at the $3,436 resistance level, the second wave of decline may have begun. Analysts pointed out that despite the deep correction, the long-term upward trend is still intact, and the fifth wave is expected to start in the target area and push the gold price back to 3,469 US dollars.

Technical analysis on June 24 showed that spot gold may retest the May low of $3,120 per ounce in the third quarter. The third wave, which started at a low of $1,810 in October 2023, was completed around $3,469 and failed to break through the April high of $3,500. The MACD on the weekly chart formed a “death cross”, and the RSI showed a top divergence, suggesting that the probability of gold breaking through $3,469 in the short term is low. The current adjustment wave consists of three small waves, of which wave c may decline to the $3010-3123 range. If the key support level of $3010 falls, it could open room for $2,551. The daily chart shows that the $3151 support level has withstood the initial selling pressure, but after the rebound was blocked at the $3,436 resistance level, the second wave of decline may have begun. Analysts pointed out that despite the deep correction, the long-term upward trend is still intact, and the fifth wave is expected to start in the target area and push the gold price back to 3,469 US dollars.