November 4 Gold Morning Report: JOLTS Job Openings Around 7.5 Million, Watch ADP and ISM Services

Author: Thomas | Gold Morning Report | November 4, 2026 (Beijing time 09:00)

Summary: On November 3, gold adjusted repeatedly amid the U.S. midterm elections and changes in the dollar and yields. The U.S. Bureau of Labor Statistics reported September job openings at about 7.5 million, little changed from the revised August figure. Today the market will also await the U.S. ADP employment report and the ISM Services PMI. This article compiles verified information as of Beijing time 09:00; no same-time, verifiable broker XAUUSD two-way quote has been obtained, so delayed online prices are not written as real-time levels.

Overnight Market: First Distinguish Time and Quote Conventions

Public media reported during the U.S. trading session on November 3 that spot gold first touched an intraday low and then narrowed its decline; the dollar and U.S. Treasury yields were firm, which was seen as the backdrop for gold's pressure at the time. This is a market description at the time of reporting, not a quote at 09:00 on November 4. Spot prices, gold CFDs and futures prices from different providers may differ, and daily rollover times may not be the same. This site has not obtained XAUUSD platform data at the same time as publication with Bid and Ask and quote times, so it does not list specific support/resistance or percentage changes, nor does it call a certain value from the New York session the current tradable price.

A more useful approach for traders is to first look at the complete quote in their own account: whether the symbol has a suffix, whether the screen price is Bid, Ask or mid-price, and whether the spread widens during data releases or when liquidity is low. To review the overnight move, one should fix the same platform and the same time zone, and compare the previous trading day's high and low, the retracement after the Asian session open, and where the current price sits. Otherwise, piecing together highs and lows from different sources into one "trend" will mislead judgment.

Released Data: JOLTS Should Be Read with Revisions

The September JOLTS report released by the U.S. Bureau of Labor Statistics at 10:00 U.S. Eastern Time on November 3 showed job openings at about 7.5 million, hires at about 5.4 million, and separations at about 5.3 million; job openings were little changed from August. August job openings were revised up by about 111,000 to about 7.2 million. Simply comparing September data with the old unrevised prior value would exaggerate or distort the change. Job openings in the report are a stock at the end of the previous month, cannot be directly equated with new employment this week, and cannot alone be used to predict Friday's nonfarm payrolls result.

The market may interpret this set of data in two ways: one side sees job openings still at a relatively high level and believes U.S. labor demand remains resilient, so rates may stay high for longer, putting pressure on non-yielding gold; the other side focuses more on the limited monthly change, other components and subsequent data, and believes it is not yet enough to change the rate path. Both interpretations are scenarios, not a gold direction given by the JOLTS report itself. The actual reaction of the dollar and U.S. Treasury yields also needs to be observed.

Today's Focus: Do Not Get the Data Clock Wrong

The official ADP schedule lists the release of the U.S. October private-sector employment report on November 4. The official ISM schedule lists the release of the Services PMI at 10:00 U.S. Eastern Time on November 4. The United States has been on standard time in November, so 10:00 U.S. Eastern Time corresponds to 23:00 Beijing time; the exact ADP release time should be based on its official release page that day. At the time of publication, both reports are still pending and should not be written in advance as "above expectations" or "below expectations."

Results and market interpretations related to the U.S. midterm elections may also continue to affect risk appetite. Different time points in the election process, media projections and official results are not the same; chasing moves based on a single piece of news can easily run into information updates and widening spreads. When observing gold, it is advisable to also check changes in the dollar, yields and risk assets, and avoid attributing all volatility to the elections.

Bull-Bear Divergence and Invalidation Conditions

The bullish scenario is: gold stabilizes after giving back gains the previous day, the retracement no longer expands, the dollar or yields weaken, and the price gradually recovers the short-term key area on the same platform. If a new decline continues to break lows, the recovery assumption should be withdrawn. The bearish scenario is: the rebound forms only lower highs, and the dollar and yields continue to support selling pressure; if the price re-establishes itself in the previous rebound area, the judgment of further downside is also invalidated. No specific levels are set here using unverified real-time prices.

When keeping records today, one may write down the platform, time zone, time of observed prices, data release time, and the spread before and after entry. When news and election headlines are dense, execution risk may be higher than usual; leverage and overnight costs can also amplify differences in results. This article is a morning observation as of Beijing time 09:00 and does not constitute trading advice or a guarantee of returns.