Gold Price Analysis Today | Forex Gold Analysis | XAU/USD Analysis - November 2, 2026 - Mitrade

AI desk brief

Gold (XAU/USD) plunged to a year low near $3,879.90/$3,900 this morning as a Wall Street tech selloff triggered forced liquidation and margin-related selling across highly liquid assets, including silver, which dropped more than 6% to $48.95. The move came despite lower Treasury yields, with the 10-year at 4.93% and the 2-year at 4.58%, underscoring that cash demand overwhelmed the usual safe-haven bid.

The macro backdrop is turning more hostile for metals near term: Brent crude jumped to $117.64 after a vessel attack in the Strait of Hormuz, reviving inflation concerns and reinforcing expectations for further Fed tightening into early 2027. Technically, the key zone is $3,885–$3,904; a hold could stabilize the market, while a break risks a slide toward $3,829–$3,849 and then $3,780–$3,800. A recovery needs a reclaim of $3,971–$3,982 first, with upside targets back toward $4,074–$4,115.