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Gold rebounds as silver steadies ahead of elections and jobs data

FXEmpire, published November 2, says gold rebounded near 3,911 dollars on bargain hunting after its worst October since 2008, with a bias bearish below 3,978 dollars and support at 3,817 and 3,719 dollars. Silver trades near 50.13 dollars after losing about 18 percent in October, ahead of the Tuesday United States midterm elections and the Friday jobs report.

According to FXEmpire’s November 2 report, gold recovered to near $3,911 as bargain hunting followed its worst October since 2008. The rebound comes ahead of Tuesday’s United States midterm elections and Friday’s jobs report.

Gold recovery faces a bearish backdrop

FXEmpire described gold’s outlook as bearish below $3,978. Despite the recovery, the reported trading level remained below that threshold.

The outlet identified support at $3,817 and $3,719, providing two lower reference points for tracking whether the rebound holds.

Silver follows a steep monthly decline

Silver traded near $50.13 after losing about 18 percent in October, according to FXEmpire. Its current level places the metal alongside gold as traders approach the week’s election and employment releases.

The report was published November 2, 2026, at 5:45 AM ET. Its price levels therefore represent a dated snapshot ahead of those events, rather than a reading of their eventual market impact.

What it means for prediction markets

  • For gold-price contracts, $3,978 is the report’s threshold for the bearish bias, while $3,817 and $3,719 are its stated support levels—not guaranteed outcomes.
  • Silver’s roughly 18 percent October decline provides context for price-threshold contracts, but does not establish the direction of its next move.
  • Tuesday’s United States midterm elections and Friday’s jobs report are the upcoming events to watch. The supplied reporting offers no election probabilities or employment forecasts.
GoldSilverMidtermsInfiniti MarketsInfiniti Signals

Sources & attribution

Published
  1. Source
    FXEmpire
    Publisher
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