Commodities

A Democratic win in the U.S. midterm elections is supporting rebounds in risk assets, including precious metals, currency pairs, cryptocurrencies and U.S. indices. This reaction appears to align with changing sentiment around the war and its inflationary impact.

Recent trading sessions have not been particularly favorable for gold in the short term. XAU/USD has fallen nearly 2.5% over the last three sessions, reflecting that selling pressure is once again gaining relevance and that the metal continues to struggle to regain momentum.

The U.S. Dollar Index, commodities, indices and cryptocurrencies are testing key levels as markets navigate the U.S. midterm elections, U.S.–Iran negotiations and key economic releases.

Sr. Technical Strategist Michael Boutros highlights the levels that matter on the USD Majors, commodities, and equity indices charts this week.

Gold bears are closing in on critical multi-year trend support, with a potential exhaustion low in focus as November trading gets underway.

Gold bulls defend $4,000 as prices rebound across major currencies. But a strong US dollar, elevated oil prices and the Fed could limit gains.

Over the last few trading sessions, gold has managed to stage a modest recovery. The precious metal has gained more than 1.7% across the last two sessions, a move that has introduced some buying momentum after several weeks of sustained pressure on prices. For now, this rebound appears to be driven largely by the cautious atmosphere dominating markets ahead of the Federal Reserve's monetary policy decision.

Sr. Technical Strategist Michael Boutros highlights the levels that matter on the USD Majors, commodities, and equity indices charts this week.

Trading conditions continue to be challenging for silver in the short term. The precious metal has been losing value at an accelerated pace and, during today's session alone, has fallen more than 5.5%, reaching new lows for 2026. This development highlights how selling pressure has become increasingly dominant across recent market activity.

Gold bears have broken the monthly range, with a daily close below key support threatening another sharp decline toward the yearly lows.

WTI and Brent crude oil have rallied sharply, but high-volume dojis, RSI divergence and cautious positioning warn of pullback risk.

As the trading week continues to unfold, the lack of direction dominating gold price action remains a relevant theme in the short term. In fact, the average move over the last three trading sessions has resulted in a decline of barely 1.0%, highlighting that neither buyers nor sellers have been able to take control in a consistent manner.