Core Viewpoint - Gold prices are experiencing significant volatility, with recent movements suggesting a potential turning point in the market, reminiscent of past patterns before major price shifts [1][3][5]. Group 1: Price Movements and Technical Analysis - Gold prices have tested the support level at 3915 three times in the past 48 hours, with increased trading volume during these tests, indicating strong market interest [3]. - The current trading range of 3895-3885 is identified as a critical threshold; maintaining this range could lead to upward targets of 3945, 3970, and potentially 4010, while a drop below 3885 would shift support to the 3860-3840 range [3][5]. - Historical data shows that late October to early November is a common period for significant price changes in gold, with notable trends observed in previous years [5]. Group 2: Market Sentiment and Influencing Factors - The expectation of interest rate cuts by the Federal Reserve is a key driver of gold price fluctuations, with recent optimism about a 70% chance of cuts in 2024 being countered by comments from Fed Chair Powell [3][9]. - Despite mixed signals in the market, the recent increase in holdings in gold ETFs, particularly the SPDR ETF, suggests a potential long-term accumulation phase by institutional investors [5]. - Diverging opinions exist in the market, with some analysts believing that the Fed's prolonged high-interest rate stance will suppress gold prices, while others point to strong central bank gold purchases and a return to gold's monetary attributes as factors that could support price increases [9].