Technical analysis: Spot gold may drop into the $4,063–$4,100 range
- Spot gold is on the verge of breaking below the $4,126 per ounce support level, with the next downside target pointing to the $4,063–4,100 range. The current gold price is moving within a descending channel, and the overall downward trend remains steady.
- From a wave structure perspective, the previous rebound was driven by Wave 4 (d wave), which is now facing downward reversal pressure from Wave 5 (e wave). Technically, this structure is not yet complete and bearish momentum continues to build.
- The resistance level is at $4,164. If the gold price can effectively break above this level, it may trigger a rebound with the initial target in the $4,187–4,203 range. However, before breaking this resistance, the short-term trend remains biased to the downside.
- At the current stage, $4,126 is a key line of defense for the bulls. If this level is effectively breached, a pullback to below $4,100 may accelerate. Overall, under the dual pressure of the descending channel and the wave structure, gold prices still face further downside risk in the short term.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
British builders grow more pessimistic: PMI rises to an eight-month high, but major projects are still being collectively shelved
UK builders became more pessimistic in September. The PMI rose to an eight-month high of 46.1 but remains in contraction territory; weak orders and Middle East conflicts are causing companies to delay project decisions.
European Central Bank board member warns: The Middle East energy shock has not yet affected wages, and the longer the conflict lasts, the greater the risks become.
European Central Bank member Rehn stated that the energy shock in the Middle East has not yet affected prices and wages, but the longer the conflict lasts, the greater the risk of transmission; the central bank has already raised interest rates twice, and rates may be raised again.
Silver price today: Silver broadly unchanged, according to FXStreet data
IREM names Kim Woo-jin, Sung Young-chul, Lee Hyung-do as director nominees in corrected filing
IREM issued a correction to its Sept. 4 board resolution calling an extraordinary shareholders’ meeting, updating the agenda to specify three director appointments. The meeting is scheduled for Oct. 21 at 9 a.m. at the company’s headquarters in Buan, North Jeolla Province. The revised slate includes the reappointment of CEO Woojin Kim as an inside director for a three-year term. The revised slate includes the appointment of Youngcheol Seong as an inside director for a three-year term. The revised slate includes the appointment of Hyungdo Lee as an independent director for a three-year term. The correction dated Oct. 6 was filed to reflect the finalized agenda items. Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. IREM Co. Ltd. published the original content used to generate this news brief via DART, the regulatory disclosure system operated by the South Korea Financial Supervisory Service (FSS) (Ref. ID: 20261006900738), on October 06, 2026, and is solely responsible for the information contained therein.
Crypto prices
More
