Gold Price Forecast: XAU/USD Faces $3,920 Test Ahead of Midterms and NFP - FXLeaders

AI desk brief

Spot gold is trading near $3,906 after Friday’s 3.5% drop to a one-year low, with the rebound now capped by the $3,920 Fibonacci level and bearish structure intact below $3,951.69. The selloff was driven by forced liquidation during a tech-led equity rout, plus higher oil, strong US data, and a hawkish Fed; silver also fell 6% to around $49.

Near-term catalysts are Tuesday’s US midterms and Friday’s jobs report, with economists expecting about 68,000 new payrolls. Traders are watching $3,869 as initial support, then $3,828 and $3,793 on a break lower; a strong NFP print would likely reinforce December hike expectations and pressure gold further.