XAUUSD London briefing — 2026-10-26

BIAS BEARISH. D1 + H4 + H1 EMAs aligned downside; H4 and H1 fair value gaps confirm selling pressure; RSI neutral permits further downside. KEY LEVELS R: 4050, 4100, 4225.62 | S: 4000, 3975.83, 3950 NEWS 🟡 Chicago Fed National Activity Index (USD) 12:30 UTC 🟡 3-Month Bill Auction (USD) 15:30 UTC 🟡 6-Month Bill Auction (USD) 15:30 UTC SESSION OUTLOOK London opens into bearish structure with dual timeframe FVGs targeting support. Watch for mean reversion into 4000–3975 zone as USD strength from auctions reinforces downside.

Key Levels

R: 4050.00 · 4100.00 · 4225.62

S: 4000.00 · 3975.83 · 3950.00