Gold and S&P 500 Futures at Key Levels

Gold futures have been trading above a key level of 3934.00 for over a month, keeping the longer-term trend positive.

The December contract has held above this level based on its continuation chart and is also a major Gann square.

This week's key level to watch is 4430.00, which is the first resistance of 23.6% for gold futures.

If gold can break through this level, the short-term target is 38.2% back to the contract high at 4700.00.

On the other hand, if gold fails to rally from the longer-term swing point at 3934.00, the short-term target is 78.6% back to the 6/30/26 low at 4122.00.