Business
1d ago
GOLD WEEKLY OUTLOOK | NOV 02–06, 2026
Market Bias: BEARISH – SELL THE RALLY 1. Market Overview Gold has broken below the key support zones of 3,950 and 3,900, weakening its short-term bullish structure. The previous support base that fueled the rally toward 4,700 has failed. Bitcoin's sell-off following the Binance security breach, alongside weakness in equities and gold, reflects broader market deleveraging. A technical rebound or narrow consolidation is possible, but there is not yet a confirmed trend reversal. 2. Key Levels Resistance: 3,900 | 3,950–3,975 | 4,000 | 4,065 | 4,100 Support: 3,840 | 3,800 | 3,780 3. Trading Strategy Primary bias: SELL THE RALLY. First, monitor the H1 price reaction at Monday's market open. Prioritize SELL opportunities around 3,900–3,950, extending toward 4,000 if the rebound continues and bearish confirmation appears. BUY scalping is only considered around 3,840 | 3,800 | 3,780, after RSI momentum weakens and price action confirms a reversal. 4. Key Events Nov 03: US Midterm Elections – Political uncertainty and market sentiment. Nov 06: US Nonfarm Payrolls (NFP) – Key catalyst for USD, yields and Fed rate expectations. Overall: Maintain a bearish bias, prioritize SELL setups and avoid chasing price. Wait for confirmation before considering BUY positions.
