Forex Market Update: Gold Leads the Asia Session

Session brief Neutral bias Nov 5, 2026, 00:51 UTC

Daniel TanAsia-Pacific Market Analyst · ForexR analyst

Gold leads the Asia session at 4092.54, up 0.8% and still between the daily pivot at 4016.73 and R1 at 4113.65. Mixed daily trends leave the US dollar bias neutral ahead of the Bank of England decision at 12:00 UTC.

Asia session: gold leads, dollar bias neutral

In the Asia session, with London due to open at 07:00 UTC, the US dollar bias is neutral. On the day the dollar is modestly softer against the euro, sterling, the Australian dollar, the yen and the Canadian dollar, yet every daily trend on those pairs is mixed and the four-hour trends do not agree. Gold leads, up 0.8% at 4092.54, between the daily pivot at 4016.73 and R1 at 4113.65. The Nasdaq 100 lags, down 0.3% at 28414.4, and its daily trend is the one marked down.

AUD/USD is up 0.14% at 0.70132, day high 0.70133 and day low 0.69969, between the daily pivot at 0.69924 and R1 at 0.70321, with S1 at 0.69637. Both trends are mixed, daily RSI is 48.8, the five-day change is down 0.54% and 14-day ATR is 45.6 pips, so the firmer day sits against a softer five-day window. EUR/USD is up 0.12% at 1.12415 with the four-hour trend up, and GBP/USD is up 0.11% at 1.3484. USD/JPY is down 0.13% at 158.21, while USD/CAD is down 0.11% at 1.39596, equal to the day low and between S1 at 1.39317 and the daily pivot at 1.39725, with the four-hour trend down. Side by side on the live currency strength meter, those day changes still leave the dollar without one direction.

Bitcoin is next on the day, up 0.68% at 80723.72, Ethereum is up 0.14% at 2426.24, and WTI crude is down 0.27% at 87.259, also down 13.86% over five days. US Treasury yields at the November 4 close are context beside this tape, not an explanation for it. The 2-year yield was at 4.58%, down 3 basis points, the 10-year at 4.9%, down 5 basis points, the 3-month yield at 4.21%, and the gap between the 2-year and the 10-year at 32 basis points versus November 3.

Prices and daily trends

These last prices and percentage changes cover the whole day since the previous close, not a move confined to Asia. The Nasdaq 100, four-hour trend mixed, has a day high at 28539, a day low at 28366.7, daily RSI at 38.3 and a five-day change down 3.89%, and it remains between the daily pivot at 28277.4 and R1 at 29061.8, with S1 at 27714.8.

Gold, sterling and dollar-yen

Gold's higher price is not an aligned trend: daily and four-hour trends are both mixed. The last at 4092.54 is below the day high at 4094.46, the day low is 4057.74, daily RSI is 47.5, the five-day change is up 0.62% and 14-day ATR is 84.08 dollars. S1 is at 3963.1, the daily pivot at 4016.73 and R1 at 4113.65, the bracket described in the pivot points guide. A break above R1 at 4113.65 would open the upside past this bracket, while a drop back under the daily pivot at 4016.73 would invalidate that path. If that pivot gives way, S1 at 3963.1 is the next marked support, and only a later break of R1 at 4113.65 would cancel the downside map.

GBP/USD last is 1.3484, between the daily pivot at 1.34589 and R1 at 1.3513. The day high is 1.34846 and the day low is 1.34589, the same figure as the pivot. The four-hour trend is up, the daily trend is mixed, daily RSI is 63.7, the five-day change is up 1.19% and 14-day ATR is 68.9 pips, with S1 at 1.34153. Pushing through R1 at 1.3513 would carry the four-hour uptrend out of the present bracket. Sliding back through the pivot at 1.34589 would end that reading and leave S1 at 1.34153 as support, with the Bank of England decision still set for 12:00 UTC today.

USD/JPY does not tell one story, so the pair stays neutral. It is down 0.13% on the day at 158.21, with the day high at 158.411 and the day low at 158.204, yet price is still between the daily pivot at 158.169 and R1 at 158.963. The four-hour trend is up, the daily trend is mixed, daily RSI is 55.8, the five-day change is up 0.25% and 14-day ATR is 93.1 pips, with S1 at 157.616. Clearing R1 at 158.963 would put the upside case back in front. Dropping under the daily pivot at 158.169 would turn the map toward S1 at 157.616 and would retire the four-hour uptrend as the working read.

Newsflow and today's calendar

Two themes dominate the headlines. Gold moving higher is what both FX Street and FXEmpire are covering, and the pound together with the Bank of England is what Forexcom is covering. That is the conversation around these prices, not a demonstrated reason for the day's changes.

The calendar below is all today, times in UTC, and London is not open until 07:00. At 07:00 Germany publishes factory orders, seasonally adjusted month-on-month previous -10.6 estimate 4.8, plus the non-seasonally adjusted year-on-year series previous 2.7 with no estimate. ECB's Cipollone speaks at 07:30 and ECB's Schnabel at 08:05. At 10:00 euro area producer prices are due, month-on-month previous 1.9 estimate 2.5 and year-on-year previous 8.2 estimate 10.9. US Challenger job cuts follow at 10:30, previous 43.281 and no estimate. At 12:00 the high-impact set arrives together: the Bank of England interest rate decision, previous 3.75 estimate 4, the monetary policy summary, the minutes, the hike vote previous 3 estimate 7, the unchanged vote previous 6 estimate 2, and the cut vote with no previous figure and no estimate, alongside a speech from ECB President Lagarde. That noon cluster is the release the economic calendar guide is built to frame.

Bottom line

Asia leaves the dollar neutral. Gold is the day's leader at 4092.54, still between the daily pivot at 4016.73 and R1 at 4113.65, and the majors show only modest dollar softness while daily trends stay mixed. Sterling's four-hour uptrend runs into the 12:00 UTC Bank of England decision, and USD/JPY's four-hour uptrend disagrees with a lower day. A break above R1 at 4113.65 on gold, or above R1 at 1.3513 on GBP/USD, would open those upside paths. A move back under the gold pivot at 4016.73, or under the sterling pivot at 1.34589, would invalidate them. November 4 yields and the headline mix do not make the outcome one-sided, and the London open at 07:00 UTC is still ahead.