Gold price eyes further decline toward $3,400 as technical analysts cite Elliott Wave and demand‑zone pullback

Technical analysis of spot gold (XAUUSD) indicates the metal remains in a bearish Elliott Wave sequence that began after the January peak. The wave count suggests the next target could be around $3,400 if the current corrective rally fails to break the $4,203 pivot, keeping the downtrend intact.

Another market view focuses on a short‑term pullback after gold rejected the 4,190–4,200 resistance zone. Analysts point to a demand zone between 4,060 and 4,080 as a potential support level. If buyers hold this zone, the price may resume its ascent toward liquidity around 4,160 and a further obstacle near 4,210‑4,220. A break below the demand area would signal a deeper correction.

Both assessments underscore that gold’s near‑term path hinges on whether key support zones hold, with bearish bias prevailing in the longer wave context.