XAUUSD London briefing — 2026-11-02

BIAS BEARISH. Downtrend confirmed across D1+H4+H1 EMAs, H4 and H1 fair value gaps pointing lower, RSI deep oversold at 29.53 amplifying bearish momentum. KEY LEVELS R: 3950, 4000 | S: 3900, 3866.02, 3850 NEWS 🟡 ISM Manufacturing Employment Index (Mon 15:00 UTC) 🔴 S&P Global Manufacturing PMI (Mon 14:45 UTC) 🔴 Construction Spending MoM (Mon 15:00 UTC) SESSION OUTLOOK Watch for downside extension toward support; USD data releases may accelerate selling into London close.

Key Levels

R: 3950.00 · 4000.00 · 4217.47

S: 3900.00 · 3866.02 · 3850.00