Gold prices are retracing after testing the 2026 peak, with the $4,150 to $4,160 range now emerging as the focal point for market participants. Analysts suggest this area could spark renewed interest from buyers, while slipping below $4,140 might weaken the current optimistic outlook.
Potential Support Zone at $4,150-$4,160
An analyst highlighted on Platform X, dating back to October 13, that the $4,150 to $4,160 band could gather short-term buying interest. The same analysis suggested movement below $4,140 would be considered a negative sign.
The analyst indicates that while the $4,150 to $4,160 zone might be significant for buyers, a breach below $4,140 could invalidate this scenario.
This approach is less about a definitive directional shift and more about a condition-based trading strategy. As long as prices remain above $4,150, a recovery could be on the cards, but continued selling pressure might deepen the pullback. Accompanying charts also suggested a potential reaction up to $4,200.
The analysis also mentioned possible movement zones of 100, 300, and 500 points. However, these are seen as potential outcomes rather than definitive targets, contingent upon support being maintained.
Weekly Graph Indicates Broader Correction
According to TradingView data, the weekly XAU/USD chart shows spot gold at $4,156.005 as of October 13, 2026. This marks a daily change of $38.640, equating to a 0.92% drop. XAU/USD is a widely recognized indicator of gold’s international price in U.S. dollars per ounce.
The long-term outlook indicates gold gained momentum throughout 2024 and 2025, accelerating into 2026. A new peak was observed in the latter stages, followed by a retreat from previous ascent levels. Consequently, the weekly chart signals a correction phase after a robust upward trend.
The pullback illustrated in the weekly chart does not wholly confirm the short-term trading plan; hence, any response up to $4,200 should be considered a transient scenario.
Money Flow Indicator Signals Weakening
The weekly chart shows the Chaikin Money Flow (CMF) at -0.02. CMF is a technical indicator that evaluates if money is flowing into or out of the market, considering both price and volume. Values below zero suggest selling pressure, while those above indicate a buying trend.
Though the indicator remains in negative territory, it hovers close to zero. This suggests signs of market weakening, though it does not robustly confirm intense downward pressure. It is also noted that trading volumes rose sharply during the recent upswing and subsequent pullback.
This could mean market volatility may persist for a while. In the short term, vigilance around maintaining the $4,150 to $4,160 range will be crucial, as dipping below $4,140 could heighten the risk of a deeper correction.
