London Session Forex Market Update: Crude Jumps, Gold Slips

Session brief Neutral bias Nov 3, 2026, 07:20 UTC

Claire DuboisEuropean Markets Analyst · ForexR analyst

Crude oil is the standout gainer into the London session while gold extends its pullback toward S1; EUR/USD and GBP/USD sit almost unchanged on the day ahead of US data and a BoC speech from Governor Macklem.

London Session Overview: Crude Oil Surges as Gold Pulls Back

WTI crude oil is the clear leader of the London session, up 2.29% on the day at 97.616 and trading between the daily pivot at 97.169 and R1 at 100.062. Gold sits at the other end of the board, down 0.93% at 3909.89 and pinned between S1 at 3892.40 and the daily pivot at 3931.32. Everything else in between is comparatively quiet: EUR/USD and GBP/USD are both up a marginal 0.04% on the day, while AUD/USD, USD/CAD, Bitcoin, Ethereum and the Nasdaq 100 are all lower, led by the Nasdaq 100's 0.55% decline.

Instrument Snapshot

FX Majors Muted Ahead of US Midterm Elections and Macro Data

EUR/USD is holding just above the daily pivot at 1.11883, inside a day range between 1.11762 and 1.11969, with the daily trend pointing down even as the four-hour trend reads mixed. GBP/USD is essentially sitting on its own pivot at 1.34098, just above S1 at 1.33723, with the daily trend mixed against a firmer four-hour trend. USD/JPY is barely changed, down 0.07% at 157.803 and holding above its pivot at 157.763. Treasury yields from the November 2 close offer some context: the 2-year yield stands at 4.59%, up 3 basis points, while the 10-year is at 4.91%, down 3 basis points versus October 30, leaving the 2s10s curve at 32 basis points. Readers tracking how these moves stack up across pairs can check the currency strength meter.

Setups in Focus: Crude Oil, Gold and the Canadian Dollar

WTI crude's push above its pivot at 97.169 keeps R1 at 100.062 in view; a move back below the pivot would undercut the day's up trend, notable given the four-hour trend is still pointed down. Gold's slide has it wedged between S1 at 3892.40 and the pivot at 3931.32 — a break of S1 would extend the day's decline, while a reclaim of the pivot would open the way toward R1 at 3985.38. USD/CAD is similarly pinched between S1 at 1.39582 and the pivot at 1.3976 heading into Governor Macklem's speech later today; a break of S1 would extend the pair's mixed daily trend lower, while reclaiming the pivot would point toward R1 at 1.40026. Those levels line up with a standard pivot point calculator reading for each instrument.

Newsflow: Election Jitters, Gold's Fragile Rebound and RBA Ripples

FX Street and ExchangeRates both frame US midterm election jitters as the backdrop for euro and sterling trading, while FX Street separately described gold's rebound from its one-year low as fragile. Action Forex flagged RBA-driven moves rippling into the Australian dollar, and ExchangeRates previewed the coming week's Bank of England and RBA decisions.

Calendar Ahead

US Factory Orders (MoM) and JOLTS Job Openings both land today at 15:00 UTC, with Factory Orders estimated at 1.2% against a prior 0.1%, and JOLTS estimated at 7.13 against a prior 7.079. Bank of Canada Governor Macklem speaks today at 16:00 UTC, a high-impact event for USD/CAD. ECB's Nagel speaks today at 18:00 UTC, followed by ECB's Sleijpen at 18:15 UTC. New York joins the session at 12:00 UTC, well ahead of the US data. Those tracking the sequence can use the economic calendar guide.

Bottom Line

Crude oil's 2.29% advance and gold's 0.93% retreat are the two clearest moves of the London session, while EUR/USD, GBP/USD and USD/JPY are all within a few basis points of unchanged on the day. With daily and four-hour trends disagreeing across EUR/USD, USD/JPY and USD/CAD, the dollar's overall direction reads as neutral into the Factory Orders and JOLTS releases and Governor Macklem's speech this afternoon.