Gold futures extended their bearish slide on Tuesday as the US-Iran conflict reached its 221st day. President Trump escalated his rhetoric on the war's costs at a Nebraska rally, while technical indicators point to further downside through the rest of October.
Gold futures fell to $4,180.76 on Tuesday, pulling back from the day's high of $4,307.90 after opening at $4,161.07. The metal had tested a record peak on January 29, 2026 before entering its current slide.
The pullback coincides with the US-Iran conflict entering its 221st day. At a rally in Nebraska on Monday night, Trump told supporters he hoped for a big win in the November midterm elections, then defended the war's costs, saying strikes were "a small price to pay for keeping the world, our country safe."
Gold is trying to hold immediate support at the 20 EMA ($4,383.76) while trading below the immediate resistance at the 9 EMA ($4,213). Every moving average remains in a bearish stance since a bearish crossover formed on the daily chart.
The technical analysis behind the chart calls for the slide to continue. Gold futures are set for a 47-degree slide through the end of the month, with further moves depending on any shift in Trump's stance on the war.
Source: Commodities Analysis & Opinion
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