본 리포트 제공 MacroTerms.com

데이터 기준일: 2026-10-23 · 결제 기준: 거래소 최종 일일 결제가

Gold (GC=F) Deep Dive | Bearish Break Below 20-Day Low | 2026-10-24

Gold broke below the prior 20-day low of 4036.8, confirming a bearish technical breakdown. The close at 4007.9, 5.8% into the 20-day channel near its bottom, with price already testing the 20-day low, signals near-term downside risk. Invalidation requires a daily close above 4087.
17. The bearish case is reinforced by weakening momentum, elevated COT crowding near 3-year extremes, and a gold/silver ratio at a multi-year high indicating silver outperformance. Fundamentally, COMEX registered stocks are flat while GLD holdings decline, and the SHFE warrant inventory is unchanged. The cross-asset snapshot shows the oil/gold ratio at a 1-year high and copper/gold ratio near multi-year peaks, both suggesting macro growth concerns that weigh on safe-haven demand. The directional call is BEARISH with invalidation at a daily close above 4087.
17.