Gold market analysis

"Gold Price May Again Challenge $5,000 in the Short Term" 6/2/2026 10:37 Completed 

Yesterday, the gold price trended downward repeatedly. After a sharp drop to $4,806.46 in the early Asian session with a large bearish candle, it gradually rebounded but fell again after reaching a high of $4,933.88, clearly constrained by the top of the large bearish candle at $4,961.73. After rebounding to $4,906.75 after the London close, it dropped again and reached a low of $4,759.27 before the New York close, which was extremely close to the measured decline target of $4,755 mentioned yesterday. 

This morning, the gold price opened lower and continued to decline, reaching a low of $4,654.86. Subsequently, it rose repeatedly, and the 5-minute chart showed a pattern of each wave being higher than the previous one. If it reaches the 100% Fibonacci extension level, the gold price could reach $4,803.73. If it reaches 1.618 times, it could reach $4,871.56. This morning, the gold price consolidated slightly at a level slightly below $4,800 and then broke out sharply upward, breaking through the secondary resistance of the Gann 45-degree angle at $4,810, increasing the possibility of the gold price challenging the $5,000 mark again in the short term. 

From the hourly chart, the low point of the gold price adjustment yesterday has slightly fallen below the 61.8% retracement level of the largest increase since February 2nd. Subsequently, a rebound wave has emerged, indicating that the short-term adjustment is likely to have ended. If analyzed with the wave theory, the gold price may have completed the second wave adjustment. Assuming that the third wave is 1.618 times the first wave, the gold price could rise to $5,771.17. Even if calculated at a simple 1:1 ratio, the gold price could still rise to $5,344.79. 

The above content is for reference only and does not constitute investment advice.