Gold & SP 500 Futures Update 11/5/26

Gold & SP 500 Futures

Gold

All of the levels remain the same for Gold after getting back above the long term swing point at 3934.00 (38.2%).

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.

SP 500 Futures 

ESZ26

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... 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.

Wednesday's low held the 23.6% back to the 3/31/26 low at 7533.00, the rally from it could not get back above the 7736.75 major Gann square and a new low followed. Today's break is just above the 200 day average that is now 7350.00. Just below this is 38.2% back to the 3/31/26 low at 7320.00 and this is the key area for now. A failure to hold this area sets up for a possible break into the long term retracements at 6850.00 and 6735.00, this is  23.6% back to the 2022 low and then 38.2% back to the 2025 low. With the volatility we are seeing the market could trade down to 23.6% back to the 2025.00 low at 7180.00, if so we would want to see if close back above the key level of 7320.00 (38.2%) provided this did happen a sharp rally back to the highs is possible, also holding 7320.00 and closing back above the 7401.25 major Gann square can have the same effect.

Use 7320.00 as the swing point for the week.

Above it, the short term target is 38.2% back to the 10/6/26 high at 7553.20, this is also a major Gann square, a failure to get above this level would be a negative sign and a new low can quickly follow. The longer term target is 78.6% back to the same high at 7785.00. With any new low you will have to adjust the retracements above.

Below it, the short term target area is the 7228.95 major Gann square and 23.6% back to the 2025 low at 7180.00. The long term target area is 6850.00 and 6735.00, this is  23.6% back to the 2022 low and then 38.2% back to the 2025 low.

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