Gold Market Analysis: "Price Expected to Consolidate Above $4,000" – June 10, 2026, 11:05 AM

The gold price's reaction to Friday's U.S. non-farm payroll report for September has further confirmed its downward reversal. On the hourly chart, after breaking above and then below its previous peak on Friday, gold has been under sustained pressure around $4,130. I anticipate a swift breakdown below the weak Gann 135-degree support level at $4,110, with $4,100 also likely to be breached. The key target will be $4,000. Investors should mentally prepare for gold to break out of its year-long trading range. All decisions should be guided by market signals rather than personal bias.

Gold has not continued rising despite the weaker-than-expected August U.S. non-farm data, nor is it likely to strengthen due to the Fed’s decision to hold rates steady this month, given the looming threat of rate hikes in December. As we enter the fourth quarter, gold has already fallen below the 2025 closing level of $4,315.09. Boldly speaking, this year could mark the first annual decline since 2022, signaling the end of the four-year-plus bullish trend. Holding above the $4,000 psychological level will be crucial.

On the weekly chart, gold is approaching the 38.2% retracement level of its largest gain since September 2022—$4,074.68. This level is expected to be breached, with a deeper correction toward the 50% retracement at $3,604.90 before stabilization occurs. Additionally, using Fibonacci extensions to measure the move since mid-April, a 100% extension would bring prices down to $3,752.19. In the short term, the top of the dense cluster at $4,170 on the hourly chart represents major resistance. A retest above $4,210 seems unlikely, and gold is expected to form a new consolidation zone between $4,000 and $4,110.

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