Gold Climbs While Tech Stocks Lead a Weekly Slide

The week in numbers

Here is how the main markets we follow finished the week of 2 to 6 November 2026, measured from the previous week's close to this week's close:

• Gold: +4.51%
• Nasdaq 100: -4.91%
• S&P 500: -2.68%
• Dow Jones: -0.94%
• EUR/USD: +0.41%

The headline picture is a split week: gold moved sharply higher while all three major US stock indices closed lower, with the technology-heavy Nasdaq 100 taking the biggest hit.

What moved gold

A weekly gain of 4.51% is a large move for gold, which is usually a slower-moving market than individual stocks. Our data does not include a specific news event or headline that explains the rise, so we can't point to a single cause.

What we can say is why traders pay attention when gold rises in the same week that stocks fall. Gold is often watched as a so-called safe-haven asset, meaning some investors turn to it when they feel less comfortable holding riskier assets like shares. A week where gold climbs and equities drop is one pattern traders look at when trying to gauge overall market mood. It is a pattern, not a rule, and one week of data does not confirm any trend.

The equity indices

The three US indices all fell, but by very different amounts, and that difference is informative in itself:

• The Nasdaq 100 dropped 4.91%. This index is weighted heavily towards large technology and growth companies.
• The S&P 500 fell 2.68%. It covers 500 large US companies across all sectors, so it sits in the middle.
• The Dow Jones slipped only 0.94%. It tracks 30 established companies and tends to have less technology exposure.

When the Nasdaq falls much more than the Dow, it suggests selling was concentrated in technology and growth names rather than spread evenly across the market. Our data does not explain what triggered the decline, so we won't speculate on a reason. Traders often compare these indices side by side precisely because the gaps between them reveal which parts of the market are under the most pressure.

EUR/USD

The euro gained 0.41% against the US dollar over the week. EUR/USD is the most traded currency pair in the world, and a rise means one euro now buys slightly more dollars than it did a week earlier. A move of under half a percent is relatively modest for a week. Our data does not include a specific driver for it.

The week ahead

The calendar is dominated by US inflation data, all at 13:30 UTC:

Tuesday 10 November

• US CPI m/m: forecast 0.3%, previous 0.6%
• US Core CPI m/m: forecast 0.2%, previous 0.3%

Friday 13 November

• US PPI m/m: forecast 0.4%, previous 1.3%
• US Core PPI m/m: forecast 0.3%, previous 0.7%

The Consumer Price Index (CPI) measures changes in prices paid by consumers, while the Producer Price Index (PPI) tracks prices received by producers, often seen as an earlier signal of price pressure. "Core" versions strip out volatile food and energy prices. Forecasts across all four releases are lower than the previous readings, meaning economists expect inflation pressure to have eased month on month.

Traders watch these numbers closely because inflation influences expectations about interest rates, which in turn can affect the dollar, gold and stock indices. The gap between the actual figure and the forecast is often what matters most, and markets can move quickly around release times.

Our signal records

Here are our records exactly as they stand:

• Signal Engine: 1 closed idea, win rate 100%, total +1.01% at 1% risk per idea. This is an early sample, and a single result tells us very little.
• Team signals: no closed ideas yet.
• ChartViews AI signals: 125 closed ideas, win rate 46%, total +28.03% at 1% risk per idea, with 3 still running.

A win rate below 50% alongside a positive total shows that win rate alone doesn't describe a record; the size of wins and losses matters too. These figures describe past ideas only.

This recap was written with AI assistance from market data. It is general information, not investment advice. Past performance is not a reliable indicator of future results.