Gold (GC) Analysis, Key-Zones, Setup for Mon (Nov 02)Gold FuturesCOMEX:GC1!MyAlgoIndexBias: The December gold contract settled at 3,898.9 on Friday, down 132.5 or 3.29 percent, after trading between 4,038.2 and 3,879.3. The 158.9 point range was 2.17 multiples of the 14-day average daily range, the decline was the largest since 09/28/26, and the session printed a lower high and a lower low with a third consecutive lower settle. The 3,898.9 settle is the lowest settlement of any session from 10/20/25 through Friday, and the 3,879.3 low matches the published 52-week low. Silver fell 5.93 percent, lifting the gold-to-silver ratio to 79.12 from 76.96, while the S&P 500 cash index fell 1.82 percent. The dollar index eased to 101.88 and the ten-year yield index to 4.93 percent, so gold fell while both the dollar and yields eased, and no gold-specific headline was captured in the news feeds. Electronic trade after the settle ended the week at 3,884.9, 14.0 beneath the settle. The composite multi-indicator read is "88% SELL" with maximum signal strength, unchanged from "88% SELL" in the prior session's snapshot and against "80% SELL" a month ago, negative direction leads on the 9-day and 14-day directional systems, and the settle sits beneath every settlement average from the 5-day to the 200-day. In this review's interpretation the bias stays lower beneath the Pivot Point at 3,938.8, with a rebound toward that level the more likely first move given how stretched the 9-day relative strength reading of 23.11 has become. US daylight saving time ends at 2:00 AM ET on Sunday, November 1, 2026, per the verified forward calendar, two days of headline exposure separate Friday's settle from the Sunday reopen at 6:00 PM ET, and construction spending at 10:00 AM ET on Monday, November 2, 2026, per the verified forward calendar, is the first scheduled US release. Resistance: - 4,038.2 Friday's session high - 4,024.3 38.2 percent retracement from the four-week low - 3,998.3 Pivot R1 - 3,996.6 two standard deviations resistance - 3,968.0 one standard deviation resistance - 3,948.4 20 percent raw stochastic projection - 3,938.8 Pivot Point - 3,915.7 30 percent relative strength projection Support: - 3,898.9 Friday's settle - 3,884.9 post-settlement print at the Friday halt - 3,879.3 Friday's session low and 52-week low - 3,861.2 published target price - 3,839.4 Pivot S1 - 3,829.8 one standard deviation support - 3,801.2 two standard deviations support - 3,779.9 Pivot S2 Primary Setup: SHORT the December contract from the 3,930 to 3,940 band around the Pivot Point at 3,938.8. Stop 3,960, above 3,948.4 as the 20 percent raw stochastic projection and beneath one standard deviation resistance at 3,968.0. Targets at 3,910 first, beneath 3,915.7 as the 30 percent relative strength projection, 3,885 second, above Friday's 3,879.3 low, and 3,860 third, beneath the published target price at 3,861.2. Risk to reward is roughly 1:1 to the first objective, 1:2 to the second and 1:3 to the third from the entry midpoint. The 14-day average true range is 81.4 points against a 25 point stop distance. A settle above one standard deviation resistance at 3,968.0 negates the thesis; two consecutive 30-minute closes above 3,940 remove the edge before the stop is reached. The setup needs a rebound from the post-settlement print to engage, and a weekend headline can carry the reopen through the stop in one move. A sharp equity recovery or renewed safe-haven demand is the main risk to a short, which makes this an analyst judgment that rebounds into the Pivot Point are sold. All levels are the December contract's. The 3,898.9 settle closed a week that printed a lower high and a lower low at the published 52-week low. In this review's interpretation Monday is a test of whether a rebound stalls beneath the Pivot Point at 3,938.8 or the decline extends toward the published target price at 3,861.2.