Gold shows a key turning signal

During the Asian trading session, spot gold maintained a volatile downward trend and is currently trading around 3210, with a daily decline of about 0.55%.
Short-term trend judgment
Spot gold has failed to test the 3251 resistance level several times recently, indicating insufficient upward momentum. It is expected that the price will re-test the recent low of 3154.
The rebound structure that started from 3120 previously showed a three-wave pattern, which has now been confirmed to be completed. Among them, the bottom of wave b is at 3154, which has become a key short-term target.
If the price unexpectedly breaks through the 3251 resistance, the upward trend is expected to continue, and the next target range is 3286-3322.

Daily level trend evolution
The gold price has failed to effectively break through the 3251 resistance for several consecutive trading days, indicating that the rebound momentum is gradually exhausted.
From a larger cycle perspective, the upward structure started from 2583 has been complete, and the market may start a callback process to the bottom of 2956.

Key price tips
Support: 3154 (recent low), 2956 (mid-term correction target)
Resistance: 3251 (bull-bear boundary), 3286-3322 (upward space after breakthrough)
Operation strategy:
Gold rebounds to the 3230-3250 area and participates in short-term layout in batches. Stop loss above 3270. Downward targets 3200 and 3150.
Intraday short-term can go down to 3200 support without breaking, and participate in the rebound market. Stop loss 3193, short-term targets 3220 and 3235.
Conclusion
The current technical pattern tends to be bearish, and the effectiveness of the support of 3154 US dollars/ounce needs to be closely monitored. If this level is broken, it will further confirm the continuation of the mid-term correction trend.