Gold Market Analysis: "Price at 4010—Gann Angle Offers Strong Support, Hard to Break"  
Completed on October 23, 2026, 10:55 AM

The gold price indeed broke downward through the horizontal range on the hourly chart. Although it briefly rebounded sharply to $4,091.74 after dipping below the lower boundary of the sideways consolidation zone since September 28 at $4,066.57, it soon faced renewed selling pressure and closed the New York session near $4,021.27. After Asian markets opened today, there was no strong bullish counterattack; bears continued their advance, pushing prices as low as $3,986.84 before a gradual recovery that eventually reclaimed the $4,000 level.

From a Gann Square perspective, $4,010 lies along the 90-degree angle, suggesting strong support at this level for now. Short-term strategy should focus primarily on buying on pullbacks. The previous consolidation lows at $4,066.57 and $4,073.51 have now turned from support into resistance. Further upside would face major resistance around $4,110. Moreover, since gold broke down through the sideways range ahead of next week’s Federal Reserve interest rate decision, it is expected to remain volatile below the former consolidation floor until the Fed announces unchanged rates, at which point it may break higher and re-enter the prior range. However, given market expectations that the Fed will likely raise rates by 25 basis points in December, a breakout above the upper boundary of the consolidation zone seems unlikely. Overall, the trend remains bearish.

Given the critical nature of the $4,010 level and the fact that gold has already dipped below the $4,000 mark, investors should remain cautious about further tests of this support during the day. A test of this year's low at $3,944.23 cannot be ruled out, but I believe a significant breakdown is unlikely. On the monthly chart, gold has now fallen below the 20-period SMA (at $4,040), which could signal a powerful rebound or even a potential medium-term bottom. As previously advised, avoid shorting at key support levels ($4,010 and $4,000); instead, wait for a clear break below before entering short positions. For today, the main strategy remains buying on dips.

The above information is for reference only and does not constitute investment advice.