Gold Price Outlook: XAUUSD Slips Below $4,000 as ETF Holdings Decline

XAUUSD broke below the US$4000 mark

Last Friday, XAUUSD continued falling. It broke below the US$4000 mark for some time, hitting a three-month low.

The USDX rose slightly

Last Friday, the USDX rose slightly. It ended up 0.14% at 101.76.

Gold ETF holdings fell

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As of 23^rd October, 2026, gold ETF holdings reached 1041.65 tons, a decrease of 3.99 tons from the previous trading day, according to the data from the world’s largest Gold ETF SPDR Gold Trust.

The bearish market trend prevailed in the short term



the Chart of the Day

On the chart of the day, XAUUSD continued falling. The bearish market trend prevailed. In terms of technical indicators, KDJ wen downwards after death cross occurred, showing that XAUUSD will fall further. Investors should focus on whether XAUUSD will break through the support at 3940. It will decline with potential support at 3900 if it breaks below 3940.

4-hour chart

On the 4-hour chart, XAUUSD was prone to fluctuation and fell. The bearish market trend prevailed in the short term. In terms of technical indicators, MACD went downwards after death cross occurred, showing that the market trend is bearish. Investors should focus on whether XAUUSD will break through the resistance at 4010. It will decline if it rebounds but is capped at 4010.

Key resistance: 4010，4035

Key support: 3940,3900

Generally speaking, the bearish market trend prevailed in the short term. Investors could sell as XAUUSD rebounds during the day.