Gold and silver price outlook as bargain hunters return after worst October since 2008
ITF Team1 min read
Gold rebounds near $3,911 while silver tests $49.04 after sharp October declines, with traders eyeing key resistance and upcoming US data.
Gold edged higher on Monday as value‑seeking buyers stepped back in after the metal posted its steepest October decline since 2008. Spot gold hovered around $3,911, just below the $3,978 resistance level that separates a bearish from a neutral bias. A close above that mark could relieve pressure, while a break below may push the price toward $3,817 and $3,719 support zones.
Technical picture for gold
- Current price: ~ $3,911
- Resistance: $3,978 (pivot $3,921.66)
- Support 1: $3,824.31
- Support 2: $3,717
Silver’s fragile recovery
Silver slipped 5.8% on Friday to $49.34, breaking the $50 threshold for the first time since November 2025 and marking an 18% loss for the month. The metal now trades near $50.13, with the first support level at $49.04 and a deeper level at $45.66 if the downtrend continues. The bearish bias remains as long as silver stays under the $54.72 ceiling.
- Current price: ~ $50.13
- Resistance: $54.72
- Support 1: $49.04
- Support 2: $45.66
What traders are watching
Market participants will focus on the US mid‑term elections on Tuesday and the Friday jobs report, both of which could sway risk sentiment and Fed rate expectations. In addition, any fresh data on US GDP growth or oil price movements may influence the metal’s trajectory, while central‑bank signals from the Fed and ECB remain pivotal.
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- India gold price rises on Monday, FXStreet data shows
- Silver price edges higher at $50, eyes next resistance
- Gold rebounds to near $3,900 as rate‑hike odds stay high
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This article is compiled from international market news for information only. It is not investment advice.