Analyst: Spot gold may test $3120 in the third quarter.

Technical analysis on June 24th shows that spot gold may retest the May low of $3120 per ounce in the third quarter. The third wave starting from the low of $1810 in October 2023 has completed near $3469, failing to break through the April high of $3500. The weekly chart MACD has formed a "death cross" and RSI has shown divergence at the top, suggesting a low probability of gold price breaking through $3469 in the short term. The current corrective wave consists of three smaller waves, with wave c possibly falling to the range of $3010-$3123. If the key support level of $3010 is breached, it may open up the path to $2551. The daily chart shows that the support level of $3151 has resisted the initial selling pressure, but after being resisted at the resistance level of $3436, the second wave of decline may have started. Analysts point out that despite a deep correction, the long-term upward trend remains intact, and the fifth wave is expected to start in the target area and push the gold price back to $3469.