Gold Under Pressure: Can November Bring Some Relief?Gold vs US DollarPEPPERSTONE:XAUUSDPepperstoneGold experienced a bruising end to October, with the popular precious metal plunging 3.6% on Friday to hit a one-year low at 3870, before briefly recovering to a high of 3970 during Monday's trading session, from which prices have since fallen back to current levels around 3918 (0630 GMT). Despite having traded above 4200 at the start of October, Gold struggled to attract sustained buying interest across much of the month, as rising US Treasury yields, a stronger US dollar (USD) and expectations of further Federal Reserve interest rate hikes continued to undermine sentiment. However, while the scale and speed of Friday's decline may have caught many traders off guard, broader market deleveraging may have also accelerated the sell-off, as renewed weakness across major US technology stocks potentially prompted investors to liquidate Gold positions to offset losses elsewhere. Interestingly, November has begun on a slightly more positive note, although much uncertainty remains. Hopes of a diplomatic breakthrough in the ongoing US–Iran conflict have seen a sharp decline in oil prices of more than 5%, following reports that Tehran is willing to engage in further negotiations through Qatari mediators, while President Trump has also signalled a preference for a negotiated solution rather than renewed military action (Bloomberg). The subsequent retreat in oil prices could help ease inflation concerns and reduce pressure on the Federal Reserve to tighten monetary policy further. Nevertheless, with Gold still trading well below the psychologically important 4000 level, traders may face a difficult question: does the recent sell-off represent an opportunity for renewed buying interest, or could another wave of selling be waiting around the corner? Looking ahead to a potentially pivotal week, several major events could impact the direction of Gold prices. Today's US midterm elections may introduce fresh political uncertainty, potentially encouraging renewed safe-haven demand, while the latest US JOLTS job openings figures on Tuesday (1500 GMT), ISM Services PMI survey on Wednesday (1500 GMT) and, most importantly, Friday's Non-farm payrolls report (1330 GMT) could provide valuable clues about the strength of the US economy and influence market expectations regarding the possibility of a another Fed rate hike before the end of 2026. However, geopolitical developments in the Middle East may prove equally influential for Gold prices, with traders closely monitoring whether the recent diplomatic progress can deliver a meaningful breakthrough or whether President Trump could follow through on his previous threats to resume military strikes against Iran following Tuesday's US midterm elections. Technical Update: Limited Bounce or Start of More Extended Rally? For Gold prices over recent months, it has been the declining Bollinger mid-average that has consistently capped and reversed renewed upside attempts. This has resulted in a series of new correction lows, the latest of which was posted on Friday at 3870, which marked the lowest level traded in the precious metal since October 3rd 2025. However, while this week's activity has so far started with a price recovery, traders may be asking whether this move represents a limited corrective bounce before fresh weakness emerges, or the beginning of a more extended recovery phase. While it’s impossible to know with certainty, keeping apprised of important support and resistance levels could prove useful in identifying the next directional theme. Potential Resistance Focus: Following Monday's price strength, the initial resistance focus could be 4003, which represents the 38.2% Fibonacci retracement of the October decline. Closing breaks above 4003 could lead to additional upside moves and open scope for an advance toward 4044, the 50% retracement level. However, the main resistance level for Gold prices to overcome could be the declining Bollinger mid-average, which is currently located at 4077. Potential Support Focus: While the Bollinger mid-average at 4077 continues to cap rallies, further downside momentum remains a possibility. This may place attention on support at 3870, the low from October 30th. A closing break below 3870, could see downside risks increase and shift the focus towards 3717, the September 24th low, and potentially even 3684, September 22nd extreme. The material provided here has not been prepared accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. 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