Daily Gold Trading Report - Friday, November 6, 2026

(MENAFN- Investor Ideas) ), a leader in mining investing news and home of theExploring Mining Podcast, issues market commentary from Aamir Iqbal, a market analyst that publishes the Daily Gold Trading Report.

Gold eased to $4,060 this morning after Thursday's push to $4,146, its highest in two weeks, and Friday's trade is sitting on today's session low ahead of the October employment report. Today's payrolls print decides whether the two-day rally resumes toward $4,135 or fades back toward $4,027.

Friday's session is open and gold is trading near $4,060, easing from Thursday's two-week high of $4,146 and holding just above today's session low of $4,056.870. The TradingView 1-hour capture printed $4,061.785 and the 30-minute capture printed $4,064.245, both with a fully visible price axis.

The intraday map

The map for today is drawn from this morning's session and the week's structure. Resistance stacks at $4,146 (R3), Thursday's intraday high and the highest print in two weeks, then $4,135 (R2), Thursday's Asian session high, and $4,107 (R1), today's session high so far. The pivot sits at $4,060, this morning's live spot at the TradingView capture. Below, $4,056 (S1) is today's session low, $4,027 (S2) is the two-day low area on the 30-minute chart, and $4,000 (S3) is the round level reclaimed on Wednesday. The bias is Neutral: price is above $4,000 after reclaiming it on Wednesday, but it has faded from $4,146 and is sitting on today's low ahead of payrolls. A sustained hourly close below $4,056 flips the bias to Bearish toward $4,027; a sustained hourly close above $4,107 reopens $4,135 and then $4,146.

30m

Why the macro tape turned

The Federal Reserve held its policy rate at 3.75% to 4.00% on October 28, in a 10-2 decision, with two policymakers favouring an immediate 25 basis point increase. Chair Kevin Warsh said inflation has stayed above target for about six years and gave no guidance on the next meeting. The next decision is due December 8 to 9, and the December hike bet is fading fast: futures now price around 66% to 70% for a 25 basis point increase, down from above 80% on Wednesday, after the midterm result and Thursday's equity rout. Cleveland Fed President Beth Hammack pushed back on Thursday, saying monetary policy needs to move to a restrictive stance and favouring gradual increases while inflation runs too high, but the market is listening to the data instead. The data calendar peaks today: the October employment report lands at 8:30 AM Eastern, with nonfarm payrolls expected near 65,000 after 29,000 in September and unemployment expected to hold at 2.9%, and consumer prices follow on November 10.

The 10-year Treasury yield sits near 4.84%, down about six basis points overnight and near its lowest since September 10, after the flight to safety in Thursday's equity selloff. Holding non-yielding gold while the 10-year pays close to 5% still carries a real opportunity cost, but that cost has eased through the week, and it is one reason gold could hold its reclaim of $4,000. The dollar index sits near 101.55, roughly flat on Friday after falling to a one-month low of 101.21 on Wednesday, when Democrats swept both houses of Congress in the midterm elections. The market read the result as gridlock ahead: less room for fresh fiscal expansion, less Treasury borrowing pressure, and a softer growth backdrop, all of which weigh on the dollar and support gold.

Crude oil snapped back on Thursday after Wednesday's plunge. West Texas Intermediate closed at $90.52, up 2.72%, and Brent closed at $98.29, up 3.88%, after at least five vessels reported incidents in the Gulf since Sunday and the Islamic Revolutionary Guard Corps said two tankers and a tugboat caught fire in separate incidents after trying to use an unauthorized route in the Strait of Hormuz. That reverses part of Wednesday's drop, when Brent fell about 9% to $94.50 on hopes of a diplomatic path after the midterm result, with President Trump saying he had no immediate plans to strike Iran. The Strait of Hormuz carries about a fifth of the world's oil and liquefied natural gas, so every tanker headline reprices both oil and safe-haven flows within hours. Falling oil eases inflation expectations and the case for another Fed hike, which supports gold, while a fresh Hormuz incident can push oil and gold up together on the haven bid.

What to watch today

Today's calendar is led by the October employment report at 8:30 AM Eastern, with nonfarm payrolls expected near 65,000 after 29,000 in September and unemployment expected to hold at 2.9%. It is the single biggest release of the week and the next real test of the December rate bet, with consumer prices still to come on November 10.

Thursday's verdict: gold pushed to $4,146, its highest in two weeks, as the dollar stayed near a one-month low and December hike odds faded from above 80% to around 66%, then gave back the top to close at $4,088 as the Nasdaq 100 fell 5.9% and oil snapped back on fresh tanker attacks in the Strait of Hormuz Friday's fade: gold has drifted lower to $4,060, sitting on today's session low of $4,056.870, with the two-day rally cooling ahead of payrolls Payrolls today: the October employment report at 8:30 AM Eastern, nonfarm payrolls expected near 65,000, unemployment expected to hold at 2.9% Bullish trigger: a soft payrolls print that trims December hike odds further, with a sustained hourly close above $4,107 (R1) as the trigger and $4,135 (R2), then $4,146 (R3), as targets Bearish trigger: a hot payrolls print that hardens the December hike case and lifts the dollar, with a sustained hourly close below $4,056 (S1) as the trigger and $4,027 (S2), then $4,000 (S3), as targets

About the author: I'm Aamir Iqbal, a market analyst. I publish the Daily Gold Trading Report, a professional daily XAU/USD report with exact intraday levels, annotated charts, and full macro coverage, at substack.

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