Thousands queuing for hours in central Sydney to buy gold last week was a potential warning sign that gold was vulnerable to correction.
Today, gold prices saw their largest one-day fall in over ten years. After several failed attempts to break above 4,400, resistance held and momentum reversed sharply.
The first key support now potentially sits near 4,000 (200% retracement).
Despite the correction, long-term outlooks might remain positive. Ongoing inflation risk, lower interest rates, geopolitical tensions, and U.S. government dysfunction are still ever present. This might be why Goldman Sachs raised its December 2026 price target to 4,900 per ounce, up from 4,300, citing
Silver also slumped more than 7%, marking their biggest daily loss since 2021, as overbought signals flashed extremes.
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