XAUUSD3,874.13 fulfilled my prophecy on Friday by trading below its July low and is now below the key 3.9K-4K support zone.

Note that a strong LT trendline sits just below spot. Just as importantly, XAGUSD49.1331 is trading close to its generational support around 48, which has been in place since the 1980s.

A bounce from here is highly likely.

Depending on the macro backdrop, however, gold could break below that LT trendline and find stronger support around 3.4K if the Iran war drags on and we continue to see no progress toward a peace deal. Like gold, silver also has another major support below its current 48 support, in the sub-40 area.

https://www.meridianresearch.app/highlights/share/fd083013-419e-4518-9d8b-68cdce2d645d?v=20261007-reference-excerpts&tz=America%2FNew_York https://www.meridianresearch.app/highlights/share/ecb18ea9-29fc-4813-bd69-2dbf08ac56a9?v=20261007-reference-excerpts&tz=America%2FNew_York https://www.meridianresearch.app/highlights/share/5199925c-b154-4905-99dc-468708757223?v=20261007-reference-excerpts&tz=America%2FNew_York