Gold Fails to Hold Above $4,200 as Buyers Remain Cautious
Gold prices declined by nearly 1% on October 4, 2026, closing at $4,162.3 per ounce after opening at $4,204.6. The drop pushed the metal back below the $4,200 level and kept the recent pullback intact.
The question has shifted from whether gold can extend its rally to whether buyers will return after a multi-week slide. Gold is now down 3.68% over the last five days and 7.02% over 20 days, leaving it well below its 90-day high of $4,697.8.
The market's behavior is no longer priced like a breakout trade, with gold trading only 24.1% of the way from its 90-day low of $3,992.1 to its 90-day high. Intraday trading showed that rebound attempts are still meeting selling pressure, with volume reaching 165,228.
The broader cushion is still there, as gold remains above both its 90-day low and its yearly low. However, the market is now trading in a zone where support matters more than upside ambition, making it essential to see whether buyers can defend this area.