🔺Gold Holds Strong Seasonality Upside Ahead: Cable FX Macro

• XAUUSD has a positive seasonal window into October and November historically, driven largely by a combination of physical demand and institutional positioning. A key driver late in Q4 is the explosion in physical gold demand throughout Asia, led by India’s festive and peak wedding season including key events such as Dhanteras and Diwali, which creates palpable physical and jewelry buying pressure.

• November often sees renewed momentum beyond physical markets as global fund managers start year-end portfolio rebalancing and jewelers restock ahead of Western holidays and Chinese New Year, making this late-autumn window one of the more reliable bullish seasonal stretches for gold.

• Spot gold is currently sitting at $4,358.69/oz, inside a well-established range formed during Q2; 4,640 and 4,850 are key levels to watch to the upside.