Gold Wave Analysis - 26 October 2026
Published on October 26, 2026
Market Overview
As of October 26, 2026, gold is trading at $4024.33, reflecting a 0.70% increase. The analysis indicates a bullish sentiment for gold, with expectations of further price increases.
Technical Analysis
The analysis highlights a significant reversal in gold prices from a strong support level at $3970.00. This level has historically acted as a reversal point since the end of June, effectively halting downward price movements during various waves of correction.
The recent upward movement is attributed to the completion of the C-wave of the ABC correction pattern that began at the end of August. The support zone, which includes the lower daily Bollinger Band and the support trendline of a daily down channel established in mid-September, has provided a solid foundation for this reversal.
Future Projections
Given the strength of the support at $3970.00 and the presence of a bullish divergence on the daily Stochastic oscillator, it is anticipated that gold prices will continue to rise. The next target resistance level is projected at $4100.00, which previously served as a strong support level at the beginning of October.