Gold Holds Steady Amid Market Pressure

Global gold prices strengthened during Monday’s (Nov 2) trading session as bargain hunting emerged following a sharp decline late last week. XAU/USD traded around US$3,903 per troy ounce, recovering from a 3.7% plunge that had pushed the metal to a one-year low.

Gold’s recovery was also supported by a drop in oil prices, which helped ease concerns regarding inflationary pressure. Oil prices weakened for the second consecutive session ahead of the U.S. midterm elections, following remarks from Secretary of State Marco Rubio suggesting that President Donald Trump favors a peaceful resolution to the conflict with Iran.

Gold price at the time of this analysis: $3,895

- Buy if the price moves to $3,892

- Sell if the price moves to $3,900

Resistance 2: $3,915

Resistance 1: $3,908

Support 1: $3,889

Support 2: $3,880

Note: This article is analytical in nature and does not constitute definitive advice. Please consider the impact of fundamental and technical developments on trading before making any investment decisions.