--- title: "Gold Suffers Worst Sell-Off Since March! Wall Street Veteran Yardeni: Next Support Level Could Be at $4,000" type: "News" locale: "en" url: "https://longbridge.com/en/news/289058844.md" description: "Yardeni pointed out that gold fell below a key technical level on Friday—the 200-day moving average of $4,443.4—and judged that \"the next support level is at $4,000.\" Despite this, he stated that he has not abandoned his bullish stance on gold, maintaining his year-end Price Target of $5,500 and his end-of-decade Price Target of $10,000" datetime: "2026-06-08T12:52:52.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/289058844.md) - [en](https://longbridge.com/en/news/289058844.md) - [zh-HK](https://longbridge.com/zh-HK/news/289058844.md) --- # Gold Suffers Worst Sell-Off Since March! Wall Street Veteran Yardeni: Next Support Level Could Be at $4,000 The gold market suffered a heavy blow this week, as strong employment data boosted the U.S. dollar and pushed Treasury yields higher, putting pressure on the non-yielding asset. Senior strategists warned that this decline may not yet be over. On Friday, gold futures plummeted 3% in a single day, marking the largest daily drop since March 26. For the week, it accumulated a loss of 4.9%, the largest weekly decline since the week of March 20. On Monday, gold futures dipped further, with losses widening at one point before narrowing to around 1%, closing at $4,321.80 per ounce. Ed Yardeni, founder of Yardeni Research, noted in a Sunday report to clients that **gold fell below a key technical level on Friday—the 200-day moving average of $4,443.4—and judged that "the next support level is at $4,000."** **Despite this, Ed Yardeni stated that he has not abandoned his bullish stance on gold, maintaining his year-end Price Target of $5,500 and his end-of-decade Price Target of $10,000.** Meanwhile, silver experienced an even more severe decline, dropping 2.4% to $67.41 per ounce on Monday, after plunging 6.5% on Friday, its largest single-day drop since May 15. ## Employment Data Beats Expectations, Reversal in Rate Expectations Pressures Gold Prices The direct trigger for this round of gold selling was the strong performance of the U.S. May employment report. The data, which exceeded expectations, reinforced the market view that the U.S. economy remains resilient and does not require interest rate cuts. Since gold does not generate interest income, a rising interest rate environment typically suppresses its price. Buoyed by the employment data, the yield on the 2-year U.S. Treasury note jumped to 4.160% on Friday, hitting a new high since February 24, 2025, and rose further to 4.178% on Monday. Meanwhile, the ICE U.S. Dollar Index hovered above 100 on Monday; if it holds until the close, it will mark the highest closing level since March 30. ## Deteriorating Technicals, Accumulated Long Positions Pose Risks In addition to macroeconomic factors, technical vulnerability also exacerbated the decline. Ole Hansen, Head of Commodity Strategy at Saxo Bank, pointed out that investors have continued to flock to the gold market recently, significantly reducing short positions while noticeably increasing new long buying. This position structure makes gold "increasingly susceptible to technical corrections after key support levels are breached." Hansen stated that the current technical chart for gold has clearly turned unfavorable. ## Yardeni Maintains Long-Term Bullish View, Iran Situation Is Key Variable Despite short-term pressure, Ed Yardeni has not changed his long-term optimistic outlook on gold. He believes that once the war in Iran ends, the rally in gold should resume, and he maintains his year-end Price Target of $5,500 and his end-of-decade Price Target of $10,000. Notably, gold has declined by approximately 0.2% year-to-date, following a surge of over 70% in 2025. In Ed Yardeni's view, the current correction is more of a short-term disturbance rather than a trend reversal, but whether the $4,000 level can hold will be the core focus of market attention in the near term. ### Related Stocks - [UGL.US](https://longbridge.com/en/quote/UGL.US.md) - [IAU.US](https://longbridge.com/en/quote/IAU.US.md) - [GLD.US](https://longbridge.com/en/quote/GLD.US.md) - [GOLD.AU](https://longbridge.com/en/quote/GOLD.AU.md) - [518850.CN](https://longbridge.com/en/quote/518850.CN.md) - [SGOL.US](https://longbridge.com/en/quote/SGOL.US.md) - [GLDM.US](https://longbridge.com/en/quote/GLDM.US.md) ## Related News & Research - [Gold has tumbled during the Iran war - exposing a massive myth about geopolitical risk](https://longbridge.com/en/news/289050540.md) - [Gold falls on rate-hike fears as Middle East hostilities escalate](https://longbridge.com/en/news/289025021.md) - [Ed Yardeni Warns Gold Could Sink To $4,000 After Sharpest Weekly Decline In Months—But Doesn't Stop Being Bullish](https://longbridge.com/en/news/289066123.md) - [PRECIOUS-Gold erases losses after ceasefire hopes emerge; strong US jobs data caps gains](https://longbridge.com/en/news/289066580.md) - [Gold just had its worst selloff since March. A floor may be $4,000, says one veteran strategist](https://longbridge.com/en/news/289045818.md)