Gold & SP 500 Futures Update 5/10/26

Gold & SP 500 Futures Update 5/10/26

There are two methods we use at ONE44 to find support and resistance in the markets.

The first are major Gann squares, these are the yellow horizontal lines on the chart.

The second is Fibonacci retracements.

The charts are key to this analysis.

Gold

(GCM26) 

All of the Above/Below targets remain the same as well as the swing point for the week.

GCM26

From the 4/19/26 Update,

Monday's lower opening held above 38.2% back to the 3/23/26 low at 4607.00 keeping the trend extremely positive and it closed above the 4722.00 swing point for the week and then went on to make a new high. It closed right at 4871.00 major Gann square and this will be the key level for the week.

Use 4871.00 as the swing point for the week. 

 Below it, the short term target is 38.2% back to the 3/23/26 low at 4619.00, holding this level keeps the short term trend extremely positive and a new high can follow (ONE44 38.2% rule). The longer term....

 The setback from the 4871.00 major Gann square and swing point for the week hit the short term target of 38.2% back to the 3/23/26 low at 4619.00 and this will be the key level for the week. It did have one solid close below 4619.00, but the next day it was right back above it. As long as this level holds the short term trend stays positive and the long term trend remains positive above 4135.60 (38.2%).

Use 4619.00 as the swing point for the week.

Above it, the short term target is the 4871.00 major Gann square. The longer term target area is the 5062.50 major Gann square and 61.8% back to the ATH at 5085.00.The long term target after holding 38.2% back to the 2022 low is a new high per the ONE44 38.2% rule.

Below it, turns the short term trend negative and the short term target area is the 4310.00 major Gann square and 78.6% back to the 3/23/26 low at 4294.00. A failure to hold 38.2% back to the 2022 low at 4135.00 will give us a long term target of 61.8% of the same move at 3210.00. Before then there are major Gann squares to look for support and then use as the swing point when closed below, they are marked on the chart.

SP 500 Futures

(ESM26) 

From last week,

Can we get another big turn lower from this next cluster of major Gann squares is yet to be determined, as always it can have one close above it, but we do not want to see two in a row, or the level is violated and we keep looking for the next major Gann square. Provided there was a setback from this area we will watch the Fibonacci retracements below to see if short/longer term trend gets violated and gives us another reason for the market to go lower. The two key lows to use with the retracements are 3/31/26 and the 4/7/25 low

Use the 7229.00 major Gann square cluster as the swing point for the week and longer term.

 Above it, you still have to watch for a trade up to, or above 7229.00, however we don't want to see two higher closes in a row above it. A failure to turn lower.

It has now hit the cluster of major Gann squares at 7229.00. It has two closes above it, however the second close above it was not impressive since it was up $55 and only closed $11 up on the day. The current cluster of major Gann squares at 7229.00 will be the key level for the short and long term.

Use 7229.00 as the swing point for the week again.

 Above it, there are only major Gann squares to look for resistance and then use as the swing point when it is closed above, the next two are 7388.75 and 7553.25. When and if they stay above 7229.00 we will set the long term target.

There was no turn lower from the 7229.00 major Gann square cluster and Friday it closed above the 7388.75 major Gann square and this will be the key level for the week. The long term swing point will be the 7229.00 major Gann square cluster.

Use 7388.75 as the swing point for the week.

Above it, there are only major Gann squares to look for resistance and then use as the swing point when it is closed above, the next two are 7553.25 and 7736.75.  As long as it remains above the 7229.00 major Gann square cluster the long term target is the next major Gann square cluster at 8237.50.

Below it, we will use the 3/31/26 low to retrace back to, when and if it takes out 38.2% of that move we will bring in longer term retracements. The short term target area is the 7053.25 major Gann square and 38.2% back to the 3/31/26 low at 7014.00.  The longer term target area is 6827.00 to 6752.00. This is 23.6% back to the 4/7/25 low, the 200 day average, a major Gann square and 61.8% back to the 3/31/26 low. Any setback that holds above the 7229.00 major Gann square cluster keeps the trend extremely positive and a new high can quickly follow.

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Our goal is to not only give you actionable information, but to help you understand why we think this is happening based on pure price analysis with Fibonacci retracements, that we believe are the underlying structure of all markets and Gann squares.

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