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Spot gold may retest the support level at 4,120 US dollars per ounce. If it breaks below this level, further downside could open up, with the next target in the 4,053 to 4,087 US dollars range.The gold price has failed three times to break through the 4,195 US dollars resistance level. These failures indicate the market may be forming a top pattern, with the neckline at 4,120 US dollars.If gold can break above 4,195 US dollars, it will confirm the continuation of the upward trend, with a target in the 4,283 to 4,317 US dollars range.From the daily chart, gold is approaching the 4,230 US dollars resistance level, which is the 100% projection of the decline from 5,419 US dollars. Another resistance lies at 4,233 US dollars, which is the 138.2% projection of the decline from 4,773 US dollars, further reinforcing the upper pressure.Selling pressure appears to be building. Signals on the hourly chart indicate that the bulls are not yet ready to test these resistance levels, making a market pullback more likely.

XRP broke through resistance driven by large transactions, but faced selling pressure near $1.16. It is currently testing whether the $1.14 resistance level can turn into support.

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