Reuters analyst sees risk of spot gold falling to $3,967 an ounce
Reuters technical analysis says spot gold may drop to $3,967 an ounce, with resistance at $4,035 and a possible support zone of $3,839 to $3,937.
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what happened
Reuters market analyst Wang Tao, who covers commodities and energy technicals, suggests spot gold may extend its loss to $3,967 an ounce. In his reading, wave C, which started from $4,198, briefly fell below the 138.2% projection level of $4,001, and it has a better chance of reaching the 161.8% level next.
He identifies $4,035 as resistance, and a break above it could lead to a gain into the $4,045 to $4,055 range. On the daily chart, a projection on the downtrend from $4,512 has already run well below its 100% level of $4,096. He considers a further move into the $3,839 to $3,937 range, formed by the 161.8% and 138.2% levels, highly likely.
why it matters
For traders, such levels serve as reference points for support and resistance zones, but technical projections rely on past price patterns and do not guarantee where prices will go. Reuters notes that the views belong to the author and are not business or investment advice.
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- Spot gold may extend loss to $3,967 — Reuters, 23 October 2026 at 02:57 UTC
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