Technical Analysis: Gold remains neutral between $4,678 and $4,737; breakout will indicate direction

1. Spot gold is currently showing a neutral trend within the range of $4,678–4,737 per ounce. A breakout from this range may indicate the subsequent direction. If it breaks below $4,678, further downside to $4,619 could be triggered. However, gold is more likely to trend higher as the price is gradually approaching the resistance level at $4,737.2. The five-wave structure of the decline (starting from $4,889) further suggests the possibility of a rebound, aiming for $4,773.3. On the daily chart, gold has found support around $4,685 and is in a consolidation phase. This consolidation sends mixed signals: the market may break below $4,685 and test $4,510, or it may break above $4,826 and rise to $4,967.4. The pattern starting from $4,099 appears to be a rising wedge, which is a typical bearish continuation pattern, indicating the downward trend from $5,419 may continue.