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2026-11-02 10:04:24
【Spot Gold: Downward Fluctuation, Sell on Rallies】 (1) Reasons for Analysis: Last Friday, gold prices plummeted by 3.5% to around $3,870, hitting a new low recently. This was mainly due to the sharp decline in technology stocks, which triggered forced liquidation, and the rising expectations of a Fed rate hike, which suppressed non-interest-bearing assets. On Monday, the Asian market saw a slight rebound to around $3,900, which was a correction after a sharp drop. The daily chart is running below the 100-day moving average, with a complete bearish structure. The RSI is around 32, which is on the edge of the oversold zone. With the midterm elections and non-farm payroll data approaching this week, the market is expected to maintain a downward fluctuation in the short term. (2) Key Focus: US Treasury yields, US dollar index, geopolitical situation (3) Resistance: 3,920, 3,950, 3,980 (4) Support: 3,860, 3,830, 3,800;
