Forex Market Update: Gold and Euro Rise in London Session

Session brief Neutral bias Nov 2, 2026, 07:36 UTC

Claire DuboisEuropean Markets Analyst · ForexR analyst

Gold and the euro edge higher and WTI crude slides sharply in London trade, with the high-impact US ISM Manufacturing PMI at 15:00 UTC the next test for the dollar.

London Session Snapshot

With the London session underway and New York still hours from joining at 12:00 UTC, the day's leaders are tilted toward havens and risk assets rather than any single dollar direction. The Nasdaq 100 futures (US100) and gold are the strongest performers on the day, up 0.79% and 0.71% respectively, while WTI crude oil (XTIUSD) is the clear laggard, down 2.23% on the day. Among the majors, the euro and the pound are both firmer against the dollar, up 0.27% and 0.16%, while the Australian dollar is the only one in the red, down 0.19%.

Euro and Pound Hold Above Their Pivots

EUR/USD trades at 1.11895, sitting between the daily pivot at 1.11697 and R1 at 1.12035, even as the daily trend reads down and the four-hour trend is mixed. A move through R1 at 1.12035 would extend the day's advance, while a slip back below the pivot at 1.11697 would turn the focus toward S1 at 1.11252. The pair is still down 0.11% over the past five days, a reminder that today's bounce has not erased the broader pullback. How pivot points work breaks down how these intraday reference levels are built.

GBP/USD is positioned similarly, last at 1.341 between the daily pivot at 1.33975 and R1 at 1.34246, with an up-sloping four-hour trend against a mixed daily trend. A break of R1 at 1.34246 would keep the pair's five-day gain of 0.25% intact, while a return below the pivot at 1.33975 would expose S1 at 1.33619.

Gold Rebounds While Crude Oil Slides

Gold is the session's standout, last at 3904.28 and sitting between S1 at 3822.39 and the daily pivot at 3924.32, despite a daily and four-hour trend that both still read down and an RSI reading of 29.3. A close back above the pivot at 3924.32 would put R1 at 3978.60 in view; a failure to hold S1 at 3822.39 would point to a deeper leg lower, in keeping with the metal's 2.34% decline over the past five days.

WTI crude oil tells the opposite story. Price has already broken below S1 at 101.065, leaving the pivot at 102.586 and R1 at 103.607 well overhead, even though the daily trend itself still reads up. A recovery back above S1 at 101.065 would be the first sign of stabilization; continued trade beneath that level keeps the day's 2.23% slide intact.

Newsflow and What's Ahead

Gold's rebound attempt is a running theme in today's coverage, with FXEmpire pointing to fresh bargain hunting after a rough stretch for the metal and FX Street noting that Fed rate expectations are limiting how far the recovery can run. Euro-focused coverage stays cautious too, as FX Street cites policy-driven swings against the dollar and ExchangeRates flags French fiscal concerns as a drag on the currency.

The European calendar is front-loaded this morning: Spain's HCOB Manufacturing PMI lands at 08:15 UTC today, Italy's at 08:45 UTC, and Germany's at 08:55 UTC, followed by two ECB speeches from Vujčić at 09:45 and 10:00 UTC and an appearance from ECB's Nagel at 12:00 UTC, just as New York joins the session. Canada's S&P Global Manufacturing PMI follows at 14:30 UTC. The US ISM Manufacturing PMI, a high-impact release, is due at 15:00 UTC alongside the ISM's prices paid, new orders and employment components, with Fed's Goolsbee speaking at 16:15 UTC and the Loan Officer Survey out at 19:00 UTC. The guide to using an economic calendar covers how to track releases like these through the day.

Bottom Line

The dollar's picture is mixed rather than one-directional this morning: softer against the euro and the pound, firmer against the yen, the Canadian dollar and the Australian dollar. Gold and equity index futures are leading the day's gainers while crude oil is the clear laggard. With European PMI data and ECB speakers due before lunch and the high-impact US ISM Manufacturing PMI set for 15:00 UTC, the pivot point calculator can help track how price reacts against the levels above.