Gold Wave Analysis - 23 October 2026

Market Overview

As of October 23, 2026, gold is trading at $4010.68, reflecting a decrease of 0.34%. The broader market shows mixed performance across various assets, with notable movements in cryptocurrencies and commodities.

Technical Analysis Summary

The analysis indicates a bearish outlook for gold following a significant technical breakdown:

• Gold has breached the key support level of $4100.00, which had previously acted as a reversal point since late September.
• This breach has triggered an accelerated downward trend, which began from the peak of wave ii at $4400.00 in mid-September.
• The current downward momentum is expected to continue, with the next support level identified at $3970.00, a level that has historically halted downward movements since July.

Conclusion

Given the established daily downtrend and the recent technical breakdown, traders are advised to consider selling gold as it is likely to test the next support level at $3970.00.