Weekly review: XAUUSD, #SP500, #BRENT | November 6, 2026
XAUUSD: SELL 3901.43, SL 3981.43, TP 3721.43
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For gold, the main test of the week will be US employment data and its impact on rate expectations. The Fed maintained the range of 3.75–4.00%, noting strong economic growth and elevated inflation. As long as the risk of further tightening remains significant, the metal, lacking interest income, faces competition from dollar-denominated assets.
Uncertainty surrounding the Congressional elections supports safe-haven demand but does not eliminate pressure on the cost of money. Weak employment figures and declining yields could shift the scenario in favor of gold. However, if the statistics confirm the economy's resilience, expectations of high rates will continue to exert influence. In that case, the basic weekly idea for XAUUSD suggests a decline.
Trading Idea: SELL 3901.43, SL 3981.43, TP 3721.43
#SP500: SELL 7621, SL 7731, TP 7346
Earnings reports from Apple, AMD, and Palantir will test confidence in AI investments following disappointing results from Alphabet, Amazon, and Intel. For the market, it is no longer just infrastructure spending that matters, but also their return in terms of profit and cash flow. A deterioration in this assessment could sustain pressure on tech companies with significant weight in #SP500.
Congressional elections add uncertainty around industry regulation, while Friday's employment data will influence funding cost expectations. Rising aggregate corporate profits remain the index's support. However, convincing business forecasts are needed to restore confidence. As long as concerns about AI profitability persist, the weekly scenario allows for further downside in #SP500.
Trading idea: SELL 7621, SL 7731, TP 7346
#BRENT: SELL 109.32, SL 112.82, TP 102.32
The new week began with negotiations between Iran and Qatar, which continued for a third consecutive day. Hope for a diplomatic resolution can reduce the oil risk premium even before supply restoration. This creates grounds for a decline in #BRENT, although the consultations themselves do not yet signify an end to the conflict or normalization of shipments.
OPEC+ maintained its December production targets on Sunday, while export disruptions and threats to tankers keep the risk of shortage alive. Therefore, the potential for price declines depends primarily on further diplomatic signals. In the absence of new escalation, the base idea assumes a reduction in the oil risk premium; failed negotiations or serious supply disruptions could cancel this out.
Trading idea: SELL 109.32, SL 112.82, TP 102.32
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