What is driving gold higher in the London session?

Gold is up 1.47% on the day and trading above R1 at 4151.77. Coverage from Forex.com and FXEmpire ties the move to a softer dollar tone and renewed buying in Treasury futures, though that is newsflow, not a confirmed cause of the move.

Where does gold sit against its key levels right now?

At 4194.38, gold is above R1 at 4151.77 and beyond the top of today's pivot ladder, with the daily pivot at 4127.53 and S1 at 4109.17 sitting below as the next reference points down.

What's on the calendar after the London open today?

ECB's Cipollone speaks at 10:15 UTC and Schnabel at 13:30 UTC, Canada's unemployment rate and employment change land at 12:30 UTC, and the US Michigan sentiment and inflation expectations figures are due at 14:00 UTC, all today.

Gold Price Forecast Today: Breakout Above Resistance in London

Q: Is the dollar trending higher or lower today?

It is mixed. EUR/USD, GBP/USD and AUD/USD are each up slightly on the day but carry a down daily trend, while USD/JPY is firmer with an up four-hour trend, so the dollar picture does not point one way across the board.

Session brief Neutral bias Oct 9, 2026, 07:20 UTC

Claire DuboisEuropean Markets Analyst · ForexR analyst

Gold has cleared R1 at 4151.77 to lead the London session higher, while EUR/USD, GBP/USD and AUD/USD post small gains against a dollar whose daily trend still points lower.

Instrument	Last	Day change	Pivot	Daily trend
EUR/USD	1.12259	+0.15%	1.12021	Down
Gold (XAU/USD)	4,194.38	+1.47%	4,127.53	Down
GBP/USD	1.32393	+0.10%	1.32193	Down
Bitcoin (BTC/USD)	82,463.93	+0.88%	81,845.40	Mixed
USD/JPY	158.209	+0.22%	157.905	Mixed
AUD/USD	0.69816	+0.38%	0.69530	Down
USD/CAD	1.42174	-0.04%	1.42387	Up
Ethereum (ETH/USD)	2,497.08	+1.00%	2,487.72	Mixed
Nasdaq 100 (US100)	30,982.6	+0.71%	30,846.7	Up
WTI Crude Oil (XTI/USD)	90.283	-0.31%	90.364	Mixed
Data as of 2026-10-09 07:16 UTC.

Gold Leads a Mixed London Session

Gold is the clear standout of the London morning, up 1.47% on the day and running well ahead of the rest of the board. Ethereum is firmer by 1.00%, Bitcoin by 0.88% and the Nasdaq 100 by 0.71%, while the Australian dollar (+0.38%), USD/JPY (+0.22%), the euro (+0.15%) and sterling (+0.10%) show smaller gains. USD/CAD is essentially flat, down just 0.04% on the day, and WTI crude is the session's laggard, off 0.31%.

Instrument	Last	Change %	Daily trend
Gold (XAU/USD)	4194.38	+1.47%	Down
Ethereum (ETH/USD)	2497.08	+1.00%	Mixed
Bitcoin (BTC/USD)	82463.93	+0.88%	Mixed
Nasdaq 100 (US100)	30982.6	+0.71%	Up
AUD/USD	0.69816	+0.38%	Down
USD/JPY	158.209	+0.22%	Mixed
EUR/USD	1.12259	+0.15%	Down
GBP/USD	1.32393	+0.10%	Down
USD/CAD	1.42174	-0.04%	Up
WTI Crude Oil (XTI/USD)	90.283	-0.31%	Mixed

Three Setups Worth a Closer Look

Gold (XAU/USD) is trading at 4194.38, already above R1 at 4151.77 and beyond the top of the pivot ladder, with the daily pivot at 4127.53 and S1 at 4109.17 as the next reference points underneath. The daily trend reading is still down even as price sits above all three levels, a split that keeps the picture two-sided: holding above R1 at 4151.77 would keep the current move intact, while a slide back below the pivot at 4127.53 would undercut it and bring S1 at 4109.17 into view.

AUD/USD at 0.69816 is also above R1, at 0.69743, with the pivot at 0.6953 and S1 at 0.6934 below. Daily trend here reads down and the 14-day RSI sits at 34.3. A hold above R1 at 0.69743 would extend the advance; a drop back under the pivot at 0.6953 would open the way toward S1 at 0.6934.

USD/CAD sits at 1.42174, between S1 at 1.42007 and the daily pivot at 1.42387, with R1 at 1.42613 above and the daily trend reading up. Canada's labor market data lands at 12:30 UTC today, ahead of which a reclaim of the pivot at 1.42387 would open the path toward R1 at 1.42613, while a break below S1 at 1.42007 would mark a bearish shift from current levels.

The spread across these three shows up in real time on ForexR's currency strength meter, and the levels above are built the same way for every pair, as explained in ForexR's guide to how pivot points work.

Newsflow: Dollar Softness and Risk Appetite

FX Street's coverage frames the euro's bounce as capped by resistance against the dollar, while a separate FX Street piece ties sterling's firmness to a broader risk-on tone in markets. Forex.com's reporting links gold's move through resistance to cracks in the recent dollar rally and renewed buying in Treasury futures, a softer-dollar theme also present in FXEmpire's gold and silver coverage. For context, Treasury yields at Thursday's close, October 8, showed the 10-year at 5.22%, down 6 basis points, and the 2-year at 4.75%, down 2 basis points, versus October 7.

Calendar Ahead

The rest of the London session and the early New York handover carry a run of scheduled releases, detailed further in ForexR's guide to using an economic calendar:

08:00 UTC today – EMU EcoFin Meeting (Medium impact)
10:15 UTC today – ECB's Cipollone speech (Medium impact)
12:30 UTC today – Canada Average Hourly Wages YoY, previous 2% (Medium impact)
12:30 UTC today – Canada Unemployment Rate, previous 6.4%, estimate 6.5% (High impact)
12:30 UTC today – Canada Net Change in Employment, previous -41.7, estimate 7 (Medium impact)
13:30 UTC today – ECB's Schnabel speech (Medium impact)
14:00 UTC today – US Michigan Consumer Expectations Index, previous 46.3 (Medium impact)
14:00 UTC today – US UoM 5-year Consumer Inflation Expectation, previous 3.4% (Medium impact)
14:00 UTC today – US Michigan Consumer Sentiment Index, previous 48.1, estimate 47.6 (High impact)
14:00 UTC today – US UoM 1-year Consumer Inflation Expectations, previous 4.6% (Medium impact)

Bottom Line

Gold's push through R1 at 4151.77 is the clearest technical development of the session, even with its own daily trend reading still down. Across the dollar pairs, the picture stays mixed rather than one-directional: EUR/USD, GBP/USD and AUD/USD are all up on the day yet carry a down daily trend, while USD/JPY is firmer with an up H4 trend, and USD/CAD is marginally softer with an up daily trend. With Canada's jobs data and the US Michigan sentiment figures still ahead at 12:30 and 14:00 UTC, New York's 12:00 UTC arrival could add to the session's direction without FACTS presently pointing to one outcome over another.