Gold & SP 500 Futures Update

Gold

GCZ26

From the last update,

The rally that started after holding above the long term 38.2% retracement at 3934.00 has now hit 38.2% back to the ATH at 4700.00 and this will be the key level for now. While the long term trend remains positive and a new ATH is possible as long as it holds 3934.00 we still have to watch all the retracements on every move to see just how strong, or weak the market is regardless of the long term targets. Failing to get above 38.2% at 4700.00 can send this market back to test the low, here too we will watch all the retracements below to see how strong, or weak the market is.

Use 4700.00 as the swing point for now.

 Below it, the short term target area is the 4495.30 major Gann square and 38.2% back to the 6/30/26 low at 4475.00, if this is all it can set back it is a very strong sign and a new high can quickly follow. The....

The setback from 38.2% back to the ATH at 4700.00 failed to hold 38.2% back to the 6/30/26 low at 4475.00 and that has the Intermediate term and now short term trend negative. As we have mentioned before, the long term trend remains positive until 38.2% on the continuation chart is taken out at 3934.00. The key level for the week is the 4495.30 major Gann square.

Use 4495.30 as the swing point for the week.

Above it, the short term target area is the 4648.00 major Gann square and 38.2% back to the ATH at 4700.00, taking out this area would turn all the trend positive and a run at a new high possible. The longer term target area is the 5048.50 major Gann square and 61.8% back to the contract high at 5097.00. The long term target area is 78.6% of the same move at 5410.00 and the 5452.00 major Gann square.

Below it, the short term target area is 78.6% back to the 6/30/26 low at 4170.00 and the 4122.00 major Gann square.  The long term trend remains positive above 3934.00, if this level is taken out we will update the long term downside targets.

SP 500 Futures

ESU26

From the last update.

 The market exploded from the 7327.00 (78.6%) swing point and blew through the short term target of 78.6% (7565.00) the other way and on to a new ATH. It now has been sitting above the 7736.75 major Gann square for nine trading days and this will be our key level for the week.

Use 7736.75 as the swing point for the week.

 Below it, the short term target is 38.2% back to the 6/11/26 low at 7610.00, holding this area will keep the trend extremely strong and above the previous highs, failing to hold this area after making a new ATH and then getting back below the previous highs would not be a good sign. The longer....

Since the last update the market could not get two closes in a row above the 7736.75 major Gann square and swing point for the week, however the setback from this level held above the tightest 38.2% level at 7610.00 and that keeps the trend extremely strong and a new high possible, so this will be the key level for the week. This 38.2% level came from the 6/11/26 low when it held above the last cluster of major Gann squares at 7229.00. The long term target is the next cluster of major Gann squares above.

Use 7610.00 as the swing point for the week.

Above it, the short term target is 78.6% back to the 8/13/26 high at 7785.00, a failure to turn lower from there will give us only major Gann squares to look for resistance and then use as the swing point when it is closed above, the next two are 7890.75 and 8060.25. The long term target is the next cluster of major Gann squares at 8240.00. Keep in mind that a failure to make a new high in the area of a 78.6% retracement (7785.00) can cause a swift sell off per the ONE44 78.6% rule.

Below it, the short term target is 23.6% back to the 3/31/26 low at 7495.00. The longer term target area is the 7388.75 major Gann square and 78.6% back to the 6/11/26 low at 7370.00. The key long term area for now is 7280.00 to 7188.00, this is 38.2% back to the 3/31/26 low, a major Gann square and the 200 day moving average (all on the chart).

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