Spot Gold May Retest $4,141 Support After Weak Bounce

Spot gold may experience a moderate bounce into the $4,178-$4,190 per ounce range before retesting a support level at $4,141. A prior bounce from $4,112 appears to have concluded, indicated by a significant drop from $4,219. The metal has found temporary support at $4,141, which corresponds to the 14.6% retracement of the downtrend.