October 26 Gold Morning Report: After the Weekend, Verify the Open First; Don't Rush Conclusions in Fed Week

Author: Thomas | Gold Morning Report | Beijing Time, approximately 09:00 on October 26, 2026

The weekend is over, and the gold market has re-entered the trading week. The most common mistake right now is to treat last Friday's final quote or Sunday evening's pre-open display as a market that has already stabilized on Monday. Before this article was published, it was not possible to obtain a verifiable XAUUSD bid/ask quote, price time, and platform information for the same moment, so this article does not write "current gold price" or specific support and resistance, nor does it pass off stale prices as live market data. The morning focus is on the opening structure, the schedule, and the bull-bear divergence; specific price levels should be re-verified on the trading platform the reader uses.

Overnight to the Open: First See Whether a Direction Has Actually Formed

From Sunday night to Monday morning Beijing time is the phase when quotes are re-established after the weekend. Different brokers may have different opening times, Bid and Ask, and initial spreads, and a public spot reference price is not equal to an executable price in any MT4 account. When recording the first stable quote, one should also save the source, time zone, bid/ask prices, and the time corresponding to the price; if there is only a webpage refresh time and no quote time, it is not suitable for calculating an "overnight change." Last Friday's closing area can only serve as a historical comparison and cannot guarantee that Monday will move along the same path.

After the open, three facts can first be compared: first, the position of the first valid price relative to last Friday's last visible range; second, whether the first hour's high and low quickly expand or return to Friday's range; third, whether the spread returns to its normal level. If an upward gap appears and the price can remain outside the original range, the stronger interpretation can continue to be observed; if the gap is quickly filled, that interpretation should be downgraded. The same applies to a downward gap: first distinguish a brief quote change under thin liquidity from subsequent sustained selling pressure. Without completing these checks, it is not appropriate to treat a single opening candlestick as a reliable trend.

Key Scheduled Events Already Published This Week

The Federal Reserve's official calendar lists the October FOMC meeting as October 27-28 U.S. local time, with the decision scheduled for 14:00 U.S. Eastern Time on the 28th and the press conference at 14:30. Converted according to U.S. daylight saving time at that time, this is approximately 02:00 and 02:30 Beijing time on the 29th. The meeting result has not yet been announced; statements such as "will cut rates" or "will definitely keep rates unchanged" are expectations at this moment, not facts. The official calendar should also be checked again before publication, because times may be adjusted.

The U.S. Bureau of Labor Statistics' October schedule also includes regional employment and unemployment data at 10:00 Eastern Time on the 28th, and the third-quarter Employment Cost Index at 08:30 on the 30th, approximately 22:00 Beijing time on the 28th and 20:30 Beijing time on the 30th, respectively. These data and the FOMC meeting fall in the same trading week, and the market may reprice based on actual released values, prior expectations, and Federal Reserve wording. However, no single data point can be equated in advance with a gold direction.

How to View Today's Bull-Bear Divergence

The bullish side may focus on looser policy expectations, a decline in the dollar or real yields, and whether buying after the open can hold the upper edge of the previous range. The bearish side may focus on a rebound in the dollar and yields, profit-taking after the previous rebound, and gap filling. Both sides are currently only testable explanations. When judging, gold's own price structure should be recorded alongside actual changes in the dollar and U.S. Treasury yields; if gold rises while related variables do not support it, other factors or noise should also be allowed to exist, without forcing a single cause.

For short-term observation, first mark Monday's first-hour range, then see whether the Asian and European sessions form higher highs and higher lows, or the opposite lower structure. If price repeatedly crosses both ends of the range, it indicates that the direction is not clear. There is no reliable current quote today, so no seemingly precise buy or sell levels are given here. If any scenario is overturned by an opposite structure, it should be withdrawn promptly rather than moving the lines afterward. In Fed week, it is even more important to verify spreads, slippage, and position tolerance; waiting for sufficiently clear evidence is also a clear observational conclusion.