Gold (GC) Analysis, Key-Zones, Setup for Wed (Nov 04)Gold FuturesCOMEX:GC1!MyAlgoIndexBias: Updated at 10:15 PM ET Tuesday for the overnight session. The December gold contract settled at 3,940.4 on Tuesday, down 29.2 or 0.74 percent, after trading between 3,981.7 and 3,904.1. Tuesday printed a higher high and a higher low against Monday, but the settle gave back 29.2 of Monday's 70.7 gain, and over five sessions the contract is down 134.2. The session low came in the 4:00 AM ET bar and the high in the 8:30 AM ET bar, after which the contract eased into the 1:30 PM ET settle. The news feed carried at 8:26 AM ET a press report of concessions in US and Iran talks, and Iranian state media later rejected reports that a deal was close; these are reports carried by the feeds, not confirmed events. The dollar index closed at 101.87 against 101.75 and silver fell 2.23 percent, lifting the gold-to-silver ratio to 79.20. The ten-year yield index rose 6 basis points to 4.95 percent. The JOLTS report came in above forecast at 7.523 million openings, per the news feed. The reopened Globex session traded between 3,928.2 and a 3,974.4 high in the 8:30 PM ET bar, and the contract traded at 3,948.4 at capture, 8.0 above the settle, while equity index futures fell more than 1 percent as the news feed carried election projections. The composite multi-indicator read published for Wednesday is "88% SELL" with strength "Strong" and direction "Strengthening", against "88% SELL" for the prior session, "80% SELL" a week ago and "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. The gold fund options console shows calls ahead of puts with an implied-volatility rank of 18.07 percent, which in this review's interpretation is consistent with options traders not pricing a large move. In this review's interpretation the bias stays lower beneath Pivot R1 at 3,980.0, with a rebound toward that level the more likely first test. The trade report is scheduled for 8:30 AM ET on Wednesday, November 4, 2026, per the verified forward calendar. Resistance: - 4,019.7 Pivot R2 - 4,018.0 38.2 percent retracement from the four-week low - 4,003.7 one standard deviation resistance - 4,001.6 9-day average crossing price - 3,981.7 Tuesday's session high - 3,980.0 Pivot R1 - 3,978.4 5-day settlement average - 3,974.4 overnight session high - 3,942.1 Pivot Point Support: - 3,940.4 Tuesday's settle - 3,931.4 stochastic stall level - 3,928.2 overnight session low at 10:15 PM ET - 3,906.7 published target price - 3,904.1 Tuesday's session low - 3,902.4 Pivot S1 - 3,879.3 low of 10/30 and 52-week low - 3,877.1 one standard deviation support - 3,864.5 Pivot S2 Primary Setup: SHORT the December contract from the 3,975 to 3,985 band around Pivot R1 at 3,980.0 and Tuesday's 3,981.7 high. Stop 4,005, above one standard deviation resistance at 4,003.7. Targets at 3,955 first, above the 3,947.5 stochastic projection, 3,930 second, beneath the 3,931.4 stochastic stall level, and 3,905 third, above Tuesday's 3,904.1 low and Pivot S1 at 3,902.4. 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 81.8 points against a 25 point stop distance. A settle above one standard deviation resistance at 4,003.7 negates the thesis; two consecutive 30-minute closes above 3,985 remove the edge before the stop is reached. The setup needs a rebound to engage, and a weaker dollar after the morning data can carry price through the stop in one move. A services survey read as reducing the chance of a rate increase is the main risk to a short, which makes this an analyst judgment that rebounds into Pivot R1 are sold. The band was not reached overnight; the 3,974.4 overnight high sat 0.6 beneath it. All levels are the December contract's. Tuesday's 3,940.4 settle gave back part of Monday's rebound with the composite unchanged at "88% SELL". In this review's interpretation Wednesday is a test of whether a rebound stalls beneath Pivot R1 at 3,980.0, or whether the decline extends through Tuesday's 3,904.1 low toward the 3,879.3 low of 10/30.