Gold & SP 500 Futures Update 11/2/26
Gold & SP 500 Futures
Gold
GCZ26
From last week,
The market has now taken out the 4170.00 (78.6%) swing point and made a new low on Friday taking out the 6/30/26 low. It is falling into the long term 38.2% level on the continuation chart at 3934.00, this is also a major Gann square and it will be the key level for the week.
Use 3934.00 as the swing point for the week.
Friday's close was well below the long term swing point of 3934.00 (38.2%), however today it is right back above it and it will remain the long term and short term swing point.
Use 3934.00 as the swing point for the week again.
Above it, The short term target is 38.2% back to the 8/25/26 high at 4209.00, this is the level that needs to be taken out to turn the short term trend positive. The long term target area is the 4306.00 major gann square and 23.6% back to the contract high at 4327.00. The long term target is 38.2% of the same move at 4600.00.
Below it, turns the long term trend negative and it will give us a long term target of 61.8% of the same move at 2850.00. Before then there are major Gann squares to look for support and then use as the swing point when closed below, the next two are 3776.00 and 3624.00.
SP 500 Futures
ESZ26
From last week,
It failed to stay above the previous ATH at 7848.50 and the break from the 7890.75 major Gann square fell just short of the longer term target of 38.2% back to the 6/11/26 low at 7639.00, so this will be the key level for the week. Holding this area is a very strong sign and a new high can quickly follow. failing to hold it turns the short term trend negative.
Use 7639.00 as the swing point for the week.
Friday's close was well below the 7639.00 (38.2%) swing point for the week, however it is right back above it today and this will remain the key level for the week.
Use 7639.00 as the swing point for the week again.
Above it, the short term target is 78.6% back to the 10/6/26 high at 7824.00, a failure to make a new high in the area of a 78.6% retracement can cause a sharp selloff per the ONE44 78.6% rule. The long term target is the next cluster of major Gann squares at 8240.00. There is one major Gann square before then to look for resistance and then use as the swing point when closed above at 8060.30. Any rally that can't get above the 7736.75 major Gann square is a negative sign and a new low can quickly follow.
Below it, turns the short term trend negative and the short term target area is the 7553.20 major Gann square and 23.6% back to the 3/31/26 low at 7533.00. The longer term target area is the 200 day average at 7320.00 and 38.2% back to the same low at 7310.00.
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