Gold market analysis

Gold Market: Bull and Bear Forces Intensify Their Battle 11/2/2026 10:32 Finalized

Gold prices continue to consolidate at high levels, with the low point of $4,964.73 from Monday's gap-up opening yet to be tested. After touching a low of $4,999.85 in the early Asian session yesterday, spot gold prices have been moving upward in a volatile manner. In the early Asian session today, spot gold prices reached a high of $5,056.84. Unless the price closes below $5,030.6 on the hourly chart, it is expected that the gold price will maintain a trend of fluctuating upward. 
However, as seen from the 5-minute chart, the gold price still maintains high volatility. The effectiveness of the previously mentioned 20 and 50 SMA strong support or resistance is gradually decreasing, but they can still offer profit opportunities to investors. The release of the January non-farm payroll report by the US Department of Labor tonight may increase the volatility of the gold price, especially if there is an "in-between" situation in job position changes, which will intensify the struggle between bulls and bears. Even so, I still expect the gold price to be unable to break through $5,100 or $5,110 within the day, but the possibility of it falling below $4,960 is also not high. 
In other words, the gold price is still fluctuating within a wide range, so the strategy of selling high and buying low has a higher probability of success. From the 5-minute chart, it can be seen that the gold price has four times tested the 50SMA (currently around 5038.8) in the early Asian session today, but each time it has quickly returned above the line with a long-tailed bullish candle. Therefore, the 50SMA on the 5-minute chart can be regarded as a very strong technical indicator. That is, if the gold price closes below this line in the 5-minute chart and fails to quickly return above it, the risk of further decline increases, and the possibility of testing $4,960 rises. However, whether a trend reversal occurs still depends on whether the gold price closes below $4,964.73 in the hourly chart. 
The above content is for reference only and does not constitute investment advice.