If we consider the rebound from 4100 as a simple three-wave upward movement, then the strength of the current first part will directly determine the overall height of this rebound:

If gold cannot break through the blue zone shown this week, then the first wave of upward movement is likely to end, followed by a correction targeting the first wave. After the correction, there will be another upward move of the same level. It’s important to note that if the blue zone is not broken, this subsequent correction could be quite deep, which will be a good opportunity for us to enter long positions.

If gold breaks through the resistance level of the blue zone shown this week, then the red zone may be the end of the first wave of upward movement. There will also be a correction along this path, and after the correction ends, another upward move will complete the entire rebound. This scenario could lead to a substantial overall rebound, potentially reaching 5200+ or even near a new all-time high.