{"id":441311,"date":"2026-11-02T14:40:07","date_gmt":"2026-11-02T07:40:07","guid":{"rendered":"https:\/\/www.swingfish.trade\/blog\/market-news\/chart-of-the-day-gold-is-in-trouble-and-things-could-get-a-whole-lot-uglier-441311\/"},"modified":"2026-11-02T14:40:07","modified_gmt":"2026-11-02T07:40:07","slug":"chart-of-the-day-gold-is-in-trouble-and-things-could-get-a-whole-lot-uglier","status":"publish","type":"post","link":"https:\/\/www.swingfish.trade\/blog\/market-news\/chart-of-the-day-gold-is-in-trouble-and-things-could-get-a-whole-lot-uglier-441311\/","title":{"rendered":"Chart of the day: Gold is in trouble and things could get a whole lot uglier"},"content":{"rendered":"
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It’s a rather troubling time for gold after having dropped to its lowest in over a year at the end of last week.\u00a0And just when you think things couldn’t get any worse for the precious metal, the technicals are now threatening to deliver another nasty surprise.<\/p>\n

The latest selloff has dragged gold price back towards the $3,900 mark, leaving buyers in a rather difficult situation. The question now is whether this where they finally draw the line or are we about to witness a much deeper correction?<\/p>\n

The plunge on Friday saw gold break below the $4,000 mark\u00a0as broader market selling and liquidity pressures added to the pain.\u00a0The modest bounce today offers some relief but I wouldn’t be celebrating just yet. The weekly chart tells a much more worrying story.<\/p>\n

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Gold is now flirting with a crucial support level from the 100-week moving average (red line), seen at $3,882 currently. That is the key line in the sand on the charts, with the precious metal not having properly challenged that technical level since 2023.<\/p>\n

That’s a remarkably long time for such an important level to go untested and it speaks a lot to the bullish run we have seen in gold over the past few years.<\/p>\n

For the better part of the last three years, gold has enjoyed the luxury of an almost relentless uptrend. Buyers have been happy to pile in on dips, with the longer-term technical picture offering plenty of reassurance. But now, that comfort is starting to disappear.<\/p>\n

The recent sequence of lower highs is already suggesting that sellers are gaining the upper hand. And if the 100-week moving average gives way, I fear that could open the door to a much more painful correction.<\/p>\n

The next major support region sits around $3,500, with the 200-week moving average (blue line) closer to $3,020 potentially coming into focus if selling pressure intensifies.<\/p>\n

Now of course,\u00a0a bounce from the moving average could still breathe some life into gold’s battered outlook. However, buyers would ideally need to reclaim $4,000 first before turning their attention back towards $4,200 next.<\/p>\n

But for now,\u00a0I think the bigger question isn’t whether gold can bounce. It is more about whether buyers can still defend the longer-term uptrend that they’ve grown so accustomed to.\u00a0After all, even the strongest bull markets need to prove themselves every once in a while. And this is just that.<\/p>\n

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This article was written by Justin Low at investinglive.com.<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

It’s a rather troubling time for gold after having dropped to its lowest in over a year at the end of last week.\u00a0And just when you think things couldn’t get any worse…<\/p>\n","protected":false},"author":216,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[86],"tags":[],"class_list":["post-441311","post","type-post","status-publish","format-standard","hentry","category-market-news"],"_links":{"self":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts\/441311","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/users\/216"}],"replies":[{"embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/comments?post=441311"}],"version-history":[{"count":0,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts\/441311\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/media?parent=441311"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/categories?post=441311"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/tags?post=441311"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}