Commodities

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.

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.

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.

Recent trading sessions continue to highlight a strong bullish bias across the oil market. As reflected in the performance of WTI crude, prices have maintained a solid recovery since the beginning of October and are now up more than 12% since October 8, a development that continues to underline the strength of demand in the short term.

The trading week is coming to an end, and a sense of neutrality remains evident around gold's short-term price action. Over the last five trading sessions, the metal has posted a move of barely -0.3%, a situation that continues to highlight a growing phase of indecision and reflects a clear lack of direction across the market.

Gold is consolidating after a steep selloff, with momentum divergence raising the stakes for the next move ahead of the Fed decision.

Recent sessions have been particularly challenging for silver prices in the short term. Selling pressure has intensified considerably, resulting in three consecutive losing sessions and pushing the metal to a decline of nearly 8.5% over this period.

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