Gold Tests Multi-Layered Support After Bearish Breakdown
Gold slid below 4,000 after opening with a bearish gap at 4,024–4,031, extending losses through June’s low at 3,955 and into a dense support cluster. Price action has met the downside projection from the black declining channel and is now testing the lower boundary of a red falling wedge, alongside a long-term green rising trendline and support near 3,890 drawn from the October–November 2025 lows. A daily and weekly close beneath that combination would shift focus to 3,761–3,785, where the weekly 50% Fibonacci retracement of the November 2024–February 2026 advance aligns with the daily 127.2% Fibonacci extension. If support holds, stabilisation hinges on regaining 4,000, filling 4,024–4,031 and reclaiming the channel boundary.
Silver Extends Losses; Other Metals Weaken, Dollar Stalls at Resistance
Silver also weakened on a fresh bearish gap at 5,188–5,238, after failing to close the 5,466–5,500 gap and recover the red triangle’s upper boundary, before sliding to a local low near 5,202. Sellers then broke 5,000 and the triangle floor, reaching 4,931.30. Attention turns to support around 4,870 (weekly 61.8% retracement of the April 2025–February 2026 rise), then 4,837.05 (daily 150% extension) and 4,690.41 (daily 161.8% extension), while a late rebound above 4,990–5,000 would negate the immediate breakdown. Elsewhere, platinum and palladium pressured deeper Fibonacci and trendline supports, copper’s rebound stalled after an earlier weekly bearish signal, and the US dollar struggled again at resistance.
