- Price: Gold near $3,875/oz after Friday's ~3.6% drop; recent range $3,870–$4,027, lowest since October 2025, RSI in oversold territory.
- Trend/Bias: Bearish short-term below $4,000; a recovery needs a reclaim of $3,886–$3,900.
- Support: $3,800, then $3,700. Resistance: $3,886–$3,900, then $4,000.
- Fundamental driver: The Fed held rates at 3.75–4.00% with two members voting for a hike; markets now watch the Nov 6 US jobs data and the Dec 8–9 FOMC meeting, while a firm dollar and elevated yields weigh on gold.
- Geopolitical driver: A tanker attack in the Strait of Hormuz lifted oil prices and inflation fears, and US midterm elections on Nov 3 add policy uncertainty.
- Outlook: An oversold bounce is possible, but the trend stays weak below $3,900 ahead of Friday's jobs data.
This analysis is for education and information only, not financial advice.
@Mr_Charlie_007

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