Core Viewpoint - The international gold price is currently experiencing a phase of adjustment and potential decline, with a need for clearer fundamental signals to determine future trends [1][5]. Market Performance - On November 3, gold opened at $3990.81 per ounce, reached a low of $3962.57, and fluctuated between $3995 and $4030, closing at $4001.34, marking a slight decline of $2.25 or 0.056% from the previous close [1]. - The price has retraced over 11% from its historical high on October 20 but has since reduced the monthly decline to around 8%, reflecting a typical "high-level breathing" phase [5]. Influencing Factors - Increased speculative selling pressure due to rising gold tax costs and political negotiations in the U.S. contributed to the initial decline in gold prices [3]. - The market is currently awaiting key economic data releases, including the ADP employment report and ISM PMI, which are expected to influence gold prices depending on whether they meet or fall short of market expectations [3]. Technical Analysis - Monthly charts indicate a potential downward trend, with expectations of a drop to $3800 or even $3700 unless the price can close above $4100 [5]. - Weekly analysis shows that gold has encountered resistance at previous trend lines, and the current support level is near the 10-week moving average, with a potential rebound if it breaks above the 5-week moving average [7]. Short-term Outlook - The short-term outlook for gold remains focused on range trading, with expectations of continued volatility until the resolution of the U.S. government shutdown and the release of non-farm payroll data [3][5]. - Key support levels to watch are $3970 and $3940, while resistance levels are at $4015 and $4030 [9].