Technical analysis by FOREXcom about Symbol PAXG on 10/28/2025

Gold prices are retreating from record highs with a decline of more than 11.3% now testing a major pivot zone at the 38.2% retracement of the August advance at 3973- looking for a reaction off this mark with a break / close below needed to suggest a more significant high is in place / a larger correction is underway. Subsequent support objectives rest with the 50% retracement / October open at 3846/59 with broader bullish invalidation steady at 3700/20. Initial resistance remains with the 10/21 reversal close at 4125 with a breach / close above 4251 needed to mark resumption of the broader uptrend. Keep in mind this is a massive week for event risk with the FOMC, BoC, ECB, and the BoJ interest rate decisions on tap as the government shutdown extends into the fourth week. Stay nimble into the releases and watch the weekly close here for guidance. -MB