Spot gold may be on the verge of retesting $5,060 per ounce, with a break below this level potentially triggering further declines toward the $4,915–$4,998 range. The sharp drop from $5,421 suggests a resumption of a medium-term correction that began from $5,595, with technical levels indicating the market could extend into a $4,796–$4,915 range based on Fibonacci retracements.

On the upside, immediate resistance is seen at $5,209, and a successful break above this level could drive gold prices toward the $5,259–$5,363 range. Market sentiment remains cautious, reflected in the sideways consolidation between $5,011 and $5,201. Following the previous steep decline from $5,419, the current outlook leans toward a continuation of the downtrend, signaling that traders remain wary amid ongoing market pressures.