Gold (XAU/USD) maintains a bearish outlook on the hourly chart, trading near 4,024.29 after breaking below 4,066.82 and reaching 3,986.71. The Elliott Wave count identifies a developing wave (ii), with subdivisions 1, 2, and 3 preceding a projected wave 4 rebound toward the 50% retracement near 4,044. A subsequent wave 5 decline could complete the larger wave iii near 3,980. The chart explicitly identifies 4,066.82, the bottom of wave 1, as the bearish invalidation level, while also displaying a separate 4,199.18 invalidation reference for the broader count. The latest rebound remains corrective unless price action establishes a stronger recovery.
Technical Summary of Gold Price for October 23, 2026
-
Trend: Bearish
-
Key Support: 3,986.71; 3,980 (projected)
-
Key Resistance: 4,044 (approximate); 4,066.82
-
Trading Range: Projected downside zone 3,980–3,986.71.
Trader's Question: Could gold rebound before extending its decline?
The projected wave 4 suggests a temporary recovery toward 4,044 before another decline, while movement above 4,066.82 would invalidate the annotated immediate bearish setup.