Spot gold may retest $3,879 support, Reuters technical analysis says
Reuters analyst Wang Tao says spot gold may retest $3,879 support, with a break lower opening the way toward the $3,824 to $3,858 range.
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what happened
Reuters analyst Wang Tao writes that spot gold may retest support at $3,879 per ounce. A break below that level could open the way toward the $3,824 to $3,858 range. Resistance sits at $3,913, and a move above it could lead to a gain into the $3,932 to $3,946 zone. In his view, the daily chart looks very bearish.
Over a longer horizon, he says the downtrend from the January high of $5,595 may have resumed, since the market has fallen below the June low of $3,943. His outlook rests on wave counts and Fibonacci projection levels.
why it matters
The analysis relies only on technical levels, not fundamental factors. Traders often watch such levels when choosing entry points and stop orders, but an analyst's projections do not guarantee price moves. Reuters notes the piece is not business, financial or legal advice.
market impact
Gold: a Reuters technical view flags a very bearish daily chart for spot prices
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- Spot gold may retest support at $3,879 — Reuters, 2 November 2026 at 03:26 UTC
prepared by the newsmetry newsroom with ai assistance from the sources listed below. not investment advice.
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