Gold Forms First Death Cross in 3 Years, Eyes $3,700 Support Level

According to analysis by TradingShot shared in a TradingView post on June 29, spot gold formed its first daily death cross in nearly three years. The technical signal, created when the 50-day moving average crossed below the 200-day average, emerged as gold trades around $4,017 per ounce after declining roughly 10% in June and 14% in the second quarter from January 2026 highs above $5,400. Technical analysis suggests gold could test the $3,700 support level before finding stronger support near the weekly 100-period moving average.

Despite near-term bearish technicals, major Wall Street banks remain constructive on gold's longer-term outlook. Goldman Sachs forecasts gold reaching around $4,900 by year-end 2026, while UBS and Morgan Stanley project $5,200–$5,500. Bank of America and J.P. Morgan maintain the most bullish views, expecting gold could approach $6,000 by the end of 2026.