On the 1-hour chart, gold recovered from a base at $3,870 to test resistance at $3,971-$3,982 before profit-taking pushed it back toward $3,923.91. The short-term structure remains range-bound, with liquidity absorption buying continuing to provide support.

The RSI momentum indicator has recovered from oversold territory and is holding around 48-52, signaling that selling pressure has slowed and momentum is returning to balance. However, failure to clear 60 indicates that buying still lacks the force to drive an immediate trend reversal.

Today’s key decision point is a reclaim and close above resistance at $3,971-$3,982. Until then, beware of a bull trap that could allow selling pressure to push price back down to retest the key support base at $3,885-$3,904.

If price holds above $3,885-$3,904 and clears $3,971-$3,982, it could recover toward $4,074-$4,083 and $4,104-$4,115. However, a break below $3,885 would confirm continued selling pressure, with the next supports at $3,829-$3,849 and $3,780-$3,800, respectively.

Today’s Gold Price Outlook

Scenarios

Bull case: If price holds firmly above support at $3,885-$3,904 and buying supports a reclaim above resistance at $3,971-$3,982, it could recover toward $4,074-$4,083 and then $4,104-$4,115.

Bear case: A break below key support at $3,885 would confirm continued selling pressure, with the next correction target at $3,829-$3,849 and the next support base at $3,780-$3,800.

Sideways case: Price consolidates between support at $3,885-$3,904 and resistance at $3,971-$3,982 to absorb selling pressure while awaiting clarity from the U.S. midterm elections and labor-market data later this week.

Today’s Trading Strategy

Short-term traders should trade the range cautiously, waiting to see absorption of selling around support at $3,885-$3,904 before opening positions. Avoid chasing purchases before the first resistance is cleared, and always use a stop loss.

• Buy setup: Wait for a pullback to test support at $3,885-$3,904 with clear buying support and a stable RSI, or follow a break above $3,982. Target $4,074-$4,083, with a stop loss below $3,875.

• Sell setup: Consider opening a short position when price rebounds to test resistance at $3,971-$3,982 or $4,074-$4,083 and is rejected, or follow a break below $3,885. Target $3,829-$3,849, with a stop loss above resistance.

For long-term investors, structural support from post-midterm historical data remains favorable. Consider accumulating if price tests support bases at $3,829-$3,849 or $3,780-$3,800.

Daily Support and Resistance Levels

Type	Price Level
Support #1	$3,885-$3,904
Support #2	$3,829-$3,849
Support #3	$3,780-$3,800
Resistance #1	$3,971-$3,982
Resistance #2	$4,074-$4,083
Resistance #3	$4,104-$4,115

Today’s Questions (FAQ)

Why did JOLTS job openings surging to 7.52 million pressure gold prices?

JOLTS job openings rising to 7.52 million indicate that the labor market remains strong, supporting expectations that the Fed could raise rates again in December. This lifted the 10-year Treasury yield to 4.95% and strengthened the dollar, increasing opportunity costs and pressuring spot gold down to $3,924.

What factors explain gold’s average 14% gain after U.S. midterm elections?

Fifty-year historical data show that uncertainty tends to ease after midterm elections. If a divided Congress emerges, it can limit borrowing and slow new Treasury issuance, reducing pressure on yields and helping gold rise an average 14% over the following 12 months.