Gold Price Analysis November 10, 2025: Technical and Fundamental Review

Gold Recovery to Strength: Above $4,000 with Strong Fundamental Support

The yellow metal experienced a notable rise in today’s trading, reclaiming the $4,000 per ounce level amid a relative improvement in exchange rates and declining yields on US bonds. Indicators suggest that the market is reassessing its expectations regarding the US monetary policy path, which enhances gold’s appeal as an inflation hedge and a safeguard against economic risks.

The main driver behind this rise is a combination of factors: declining confidence among American consumers, widespread layoffs in the labor market, and positive developments regarding the end of the government shutdown. All these factors together have reintroduced risk considerations into the market and increased demand for safe-haven assets.

Weakening Dollar Opens the Door for Gold’s Rebound

After a strong rally lasting several weeks, the dollar has begun to lose some of its gains, providing a golden opportunity for gold to regain its attractiveness among global investors. This dollar weakness coincided with a noticeable decline in bond yields, reducing the appeal of yield-generating assets compared to the US dollar.

In Asian and European trading, spot gold moved within the range of $4,050 to $4,060, levels that reflect attempts by buyers to establish psychological support at $4,000. This movement indicates the entry of institutional liquidity driven more by hedging motives rather than pure speculation.

Regarding flows, exchange-traded gold funds such as SPDR Gold Trust saw a significant increase in holdings, confirming institutional hedging trends. While actual demand in India and China remains cautious due to price volatility, institutional flows continue to be the primary driver of the current trend.

US Employment Data Adds Pressure on the Federal Reserve

October data showed a clear contraction in the US labor market, with losses in the government and retail sectors and unemployment rates rising to their highest levels in about two decades. Part of this weakness is attributed to a slowdown in demand for certain services and increased reliance by companies on automation and artificial intelligence.

These data prompted analysts to raise the probability of a rate cut in December to a range of 61-67%, according to CME FedWatch tools. In an expansionary monetary environment, gold benefits as it does not yield, with the opportunity cost of holding it decreasing compared to other assets.

Focus on Ending the Government Shutdown Boosts Uncertainty

The Senate made progress in ending the government shutdown by passing the procedural vote on the funding bill, which may soon reopen federal institutions. While this reduces immediate political concerns, it opens the door to a flood of official economic data that has been delayed by about 40 days. This situation puts markets in a state of anticipation for any surprises that could reshape growth and monetary policy expectations.

Risk Appetite Diminishes, Boosting Safe-Haven Demand

Global stock markets have recently faced increasing pressure, especially in the technology and artificial intelligence sectors after a strong upward wave. Investors have started to take profits and shift their focus toward hedging strategies rather than high risk. This shift coincides with underperformance in European and Asian markets, reflecting a more cautious global outlook.

This decline in risk appetite has redirected liquidity toward defensive tools, primarily gold. This demand reflects well-considered investment decisions aimed at preserving capital and reducing exposure to risks rather than panic selling.

Geopolitical Tensions Add Another Layer of Caution

Geopolitical developments continue to influence market sentiment, especially concerning supply and energy-sensitive sectors. Even without direct escalation, these risks generate a preemptive sense of concern, prompting investors to increase hedging in their portfolios.

Gold here functions not as a price driver but as a safeguard against sudden reversals in the global economy or international politics. The current climate, although not characterized by extreme anxiety, gives gold a clear advantage as a safe haven amid economic and geopolitical uncertainty.

Technical Outlook for November 10: Range-Bound with Bullish Indicators

Gold opened the session with relative stability, supported by a slight improvement in risk appetite and limited trading volumes. The price moved within a narrow range during the early hours of the European session, oscillating between $4,037 and $4,062.

On the 4-hour chart, gold appears to be building a stable support base at $3,928, the point from which the current movement originated. The gradual upward movement has pushed the price back into the resistance zone of $4,046-$4,062, an important technical boundary representing the sideways ceiling of recent days.

The Relative Strength Index (RSI) remains at 65.6, reflecting a gradual improvement in bullish momentum without reaching overbought levels. Trading volumes approached 56,000 contracts, indicating a gradual return of liquidity and buyer confidence.

Critical Points to Watch

Support Levels:

• $3,928: Main support maintaining current stability
• $3,880: Secondary support if additional selling pressure occurs
• $3,825: Last line of defense before a broader correction

Resistance Levels:

• $4,046: Key resistance; a clear close above confirms market bullishness
• $4,062: Current high; surpassing it opens the way for higher levels
• $4,100: Next target in a bullish continuation scenario

Short-Term Outlook

Technical indicators suggest a limited upward movement during today’s trading. Gold appears poised to test the $4,046-$4,062 zone. A decisive break above this resistance could lead toward $4,100 and then $4,150.

On the downside, failure to break $4,046 or a drop below $4,000 will keep the picture temporarily neutral, with a potential decline toward $3,928 as the first support. Breaking this level could push further selling pressure toward $3,880.

Performance of Other Precious Metals

Silver remains at $49.24 per ounce, up 2.10% daily, driven by increased industrial demand from solar energy and electronics sectors, alongside ongoing investment interest.

Platinum is around $1,570 per ounce, up 1.75% daily, supported by limited supply and industrial demand from jewelry and critical applications sectors.

Palladium is approximately $1,373 per ounce, up slightly by 0.59%, maintaining its sensitivity to industrial use in automotive exhaust converters and advanced technologies.