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Gold has remained under pressure since Jackson Hole. Rising Treasury yields, a stronger U.S. dollar, and an overbought market following the powerful summer rally have all contributed to the decline.

Yesterday, gold reached our next downside target near USD 4,065 before bouncing from that support zone. However, it is still too early to call a bottom. From a seasonal perspective, this corrective phase could extend into mid-December. We have identified a new downside target around USD 4,020 and would not be surprised to see gold grind lower toward the broader support zone between USD 3,940 and USD 4,000. 

That said, this choppy and volatile pullback may still be interrupted by sharp recovery attempts. Unless gold reclaims USD 4,160 – and, more importantly, USD 4,185 – we would regard such rallies as unlikely to signal a meaningful trend reversal.

https://floriangrummes.substack.com/p/gold-daily-call-for-october-8th-2026