Analysing the XAU/USD chart on October 18, we:

→ Established a long-term upward channel (indicated in blue);
→ Suggested that the target for bulls might be the upper red line, drawn parallel to the red corrective channel.

Since then:
→ The gold price rose to the upper red line and the top of the blue channel,
→ But then experienced a bearish reversal, dropping sharply on October 31 amid economic news.

Today, technical analysis of the XAU/USD chart shows several bearish signals, specifically:
→ Gold has moved into the lower half of the blue channel, crossing below its midpoint—indicating supply pressure;
→ The $2757 level has once again acted as resistance (marked with arrows);
→ A bearish "Head and Shoulders" pattern (SHS) is forming on the chart.

A central question for November will likely be whether bulls can keep the gold price within the ascending channel. The channel’s lower boundary may serve as a support level.

However, it’s possible that, with new developments in geopolitics and macroeconomics, the XAU/USD chart will continue to display price action within a more defined downward channel.

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