Weekly Market Outlook: 2nd – 6th November 2026

Da-Costa Assumang • November 2, 2026
 
Da-Costa Assumang

Global markets enter the new week following a mixed-to-negative performance, with the US Dollar Index rising 0.15% to 101.96, gold falling 3.07% to $3,884.90 and Bitcoin declining 5.24% to $76,560. From 2–6 November 2026, attention will turn to the Bank of England rate decision, US employment data, oil inventories, AI-related earnings and geopolitical developments. These events could drive volatility across forex, metals, energy, cryptocurrencies and equities, creating fresh trading opportunities. 


Previous Week’s Market Recap

Weekly market recap infographic showing changes in the US dollar, gold, WTI oil, Bitcoin and major US stock indices.

Forex:

The U.S. Dollar Index (DXY) edged higher by approximately 0.15%, closing around 101.96. The Canadian dollar outperformed major currencies, while the New Zealand dollar weakened. Markets reacted to multiple central bank decisions, with the Federal Reserve holding rates at 3.75%–4.00% amid persistent inflation concerns.

Metals:

Gold faced significant selling pressure, declining approximately 3.07% to around $3,884.90 per ounce. Prices dropped below the key $4,000 psychological level as rising inflation concerns, expectations of tighter monetary policy and profit-taking weighed on demand.

Energy:

Oil prices experienced mixed movements. WTI crude declined approximately 0.31% over the week, closing near $102.95 per barrel. Geopolitical tensions and supply concerns continued to influence market sentiment, while inflation fears and economic uncertainty contributed to volatility.

Crypto:

Bitcoin weakened during the week, falling approximately 5.24% to around $76,560. The decline was driven by risk-off sentiment, technology-sector weakness and concerns surrounding a major cryptocurrency security breach.

Stocks:

U.S. stocks recorded a mixed-to-negative weekly performance as investors reassessed technology valuations and AI spending. The S&P 500 declined approximately 0.57%, while the Nasdaq Composite fell 2.00%. The Dow Jones Industrial Average dropped approximately 0.85%, reflecting renewed uncertainty across major equities.

Indices:

U.S. indices experienced increased volatility throughout the week. The S&P 500 closed around 7,580.07, the Nasdaq Composite finished near 25,437.00, and the Dow Jones ended at approximately 51,770.31. Weak technology earnings, concerns over AI investment returns, Federal Reserve policy and inflation remained key market drivers.

Important Events This Week:

FOREX : GBPUSD

GBP/USD volatility from 2–6 November 2026 will largely depend on UK and US economic data. Key events include US ISM Manufacturing PMI (Monday), JOLTS Job Openings (Tuesday), ADP Employment and ISM Services PMI (Wednesday), the BoE interest-rate decision (Thursday, expected at 4.00%), and US Nonfarm Payrolls (Friday, forecast at 65,000 vs 29,000 previously), with unemployment expected at 4.2%. A hawkish BoE or weaker US data could push GBP/USD higher, while strong US employment figures could strengthen the dollar and pressure the pair. 

GBPUSD

GBP/USD four-hour chart testing descending trendline resistance near 1.3391, with upside levels at 1.3454 and 1.3502 and downside toward 1.3214.

GBPUSD is trading around 1.3391, testing a key resistance zone around the descending trendline. A sustained break above 1.3391 could support a BUY toward 1.3454 and 1.3502, with further targets at 1.3536 and 1.3570. A rejection around 1.3391 could trigger a SELL toward 1.3214, with SL at 1.3454 and RR around 1:2.8. A confirmed breakout above 1.3454 would strengthen the bullish outlook, while a break below 1.3280 could increase selling pressure toward 1.3214.

Always apply risk management.

METALS : XAUUSD ( GOLD )

Gold (XAUUSD) volatility from 2–6 November 2026 will largely depend on US economic data, Federal Reserve rate expectations, Treasury yields and the US dollar. Key events include US ISM Manufacturing PMI (Monday), JOLTS Job Openings (Tuesday), ISM Services PMI (Wednesday) and Nonfarm Payrolls on Friday, forecast at 65,000 versus 29,000 previously. Stronger US employment data and rising yields could pressure gold, while weaker figures, a softer dollar and safe-haven demand could support price 

XAUUSD ( GOLD )

Gold daily chart testing a major support zone after a decline, with potential recovery levels at 4,239.56 and 4,526 and downside toward 2,820.98.

XAUUSD is trading around 3,875.645, testing a major support zone near 3,874.684 following strong bearish pressure. A sustained rebound above this level could support a BUY toward 4,239.557 and 4,526.000, with further upside targets at 4,727.192 and 4,928.384. A confirmed daily break below 3,874.684 could trigger a SELL toward 2,820.984, with SL around 4,026.550 and RR approximately 1:7.0. A sustained recovery above 4,239.557 would strengthen the bullish outlook, while a decisive break below support would favour further downside.

Always apply risk management.

ENERGY : USOIL 

USOIL volatility from 2–6 November 2026 will largely depend on US crude inventory reports, OPEC+ supply decisions, global demand and Middle East geopolitical tensions. OPEC+ has maintained its December production targets, while US crude inventories recently fell by 1.9 million barrels to 410.6 million, against expectations of a 15,000-barrel increase. Traders should watch Tuesday’s API and Wednesday’s EIA inventory reports, alongside US economic data. Larger inventory draws and supply disruptions could push oil prices higher, while inventory builds, weaker demand and easing geopolitical tensions could increase selling pressure 

USOIL

WTI crude oil daily chart showing a rising trendline, resistance near 102.90, an upside target at 125.24 and downside levels at 95.28 and 89.24.

USOIL is trading around 102.94, testing key resistance near 102.90 while holding above a rising trendline. A confirmed break and hold above 102.90 could support a BUY toward 125.24, with SL at 95.28 and RR around 1:2.9. A rejection from 102.90 could trigger a SELL toward 95.28 and 89.24, with SL at 102.90 and RR around 1:1.8 to the second target. A sustained break below 95.28 would strengthen the bearish outlook toward 89.24 and potentially 84.99.

Always apply risk management.

CRYPTO : BTCUSD ( BITCOIN )

Bitcoin (BTCUSD) volatility from 2–6 November 2026 will largely depend on US economic data, Federal Reserve rate expectations, institutional demand and overall risk sentiment. Key events include US ISM Manufacturing PMI (Monday), JOLTS Job Openings (Tuesday), US midterm election results (Wednesday) and Nonfarm Payrolls on Friday, forecast at 55,000–65,000 jobs. Bitcoin also faces pressure from recent spot ETF outflows of approximately $643.2 million on 30 October and concerns surrounding Binance’s security breach. Stronger US data and continued ETF outflows could weigh on Bitcoin, while weaker data, renewed institutional inflows and improved market confidence could support a recovery. 

BTCUSD

Bitcoin daily chart showing rising trendline support, resistance near 77,880, an upside target at 87,367 and downside levels at 74,601 and 72,024.

BTC/USD is trading around 77,954, testing key resistance near 77,880 while holding above a rising trendline. A confirmed break and hold above 77,880 could support a BUY toward 87,367, with SL at 74,601 and RR around 1:2.8. A rejection from 77,880 could trigger a SELL toward 74,601 and 72,024, with SL at 77,880 and RR around 1:1.8 to the second target. A sustained break below 74,601 would strengthen the bearish outlook toward 72,024 and potentially 70,214.

Always apply risk management.

STOCKS : NVIDIA 

NVIDIA (NVDA) volatility from 2–6 November 2026 will largely depend on AI demand, semiconductor sector performance, US economic data and Federal Reserve rate expectations. Investors will watch AMD earnings on Tuesday, followed by Arm and Qualcomm results on Wednesday for clues about AI chip demand and industry growth. Friday’s US Nonfarm Payrolls report will also influence Treasury yields and technology stock valuations. Strong AI demand, positive earnings guidance and a weaker dollar could support NVIDIA, while rising yields, profit-taking and concerns over chip export restrictions could weigh on its share price. 

NVIDIA

NVIDIA four-hour chart showing support near 204.78, resistance at 207.03, upside levels at 213.06 and 219.55 and a downside target at 180.89.

NVIDIA (NVDA) is trading around 204.78, testing key support near 204.78 below major resistance at 207.03. A confirmed break and hold above 207.03 could support a BUY toward 213.06 and 219.55, with SL at 204.78 and RR around 1:2.7 to the first target. A breakdown below 204.78 could trigger a SELL toward 180.89, with SL at 207.03 and RR around 1:10.6. A sustained move above 207.03 would strengthen the bullish outlook toward 219.55, while rejection could expose further downside.

Always apply risk management.

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