Daily Report – November 06, 2026
Nov 06,2026 Stocks crash and gold pulls back as an AI selloff erases the post-election rally
Yesterday's rally has reversed violently: a selloff in artificial-intelligence and technology shares has erased the post-election gains, with the Dow crashing around 4 to 5 percent toward 51,095 and the Nasdaq down more than 5 percent. In an unusual break from its haven role, gold has fallen with the selloff to around 4,045 as investors raise cash in what looks like a liquidity crunch, while silver has eased to 51.5 and Bitcoin has tumbled to around 75,850. The dollar has taken the safe-haven bid, pushing the euro to 1.1199, sterling to 1.3434 and the Aussie to 0.6896. Oil has steadied near 92, and the United States employment report is on today's calendar at 13:30 GMT.
Market snapshot
| INSTRUMENT | LEVEL | BIAS | Note |
|---|---|---|---|
| FX MAJORS | |||
| EUR/USD | 1.11993 | Softer | Fell back to 1.1199 |
| GBP/USD | 1.34343 | Softer | Gave back surge to 1.3434 |
| USD/JPY | 157.737 | Steady | Choppy near 157.7 |
| AUD/USD | 0.68961 | Lower | Dropped hard below 0.69 |
| COMMODITIES | |||
| Gold (XAU/USD) | 4,044.71 | Lower | Pulled back from highs |
| Silver (XAG/USD) | 51.492 | Lower | Eased to 51.5 |
| Crude oil (WTI) | 92.215 | Firmer | Bounced toward 92 |
| INDICES & CRYPTO | |||
| Dow Jones (US30) | 51,095.03 | Crashed | AI-led selloff |
| Bitcoin (BTC/USD) | 75,848.31 | Lower | Tumbled toward 75,850 |
Levels are indicative at the time of writing and can differ between spot and CFD quotes. Check live prices on your trading platform.
Top story: an AI selloff erases the rally as stocks crash and gold falls with risk assets
Yesterday's rally has reversed violently. A selloff in artificial-intelligence and technology shares has erased the post-election gains, with the Dow crashing around 4 to 5 percent toward 51,095 and the Nasdaq down more than 5 percent, led by the semiconductor names. In an unusual break from its haven role, gold has fallen with the selloff, pulling back from above 4,100 to around 4,045, as investors raise cash in what looks like a liquidity crunch rather than a simple rotation. Silver has eased to 51.5 and Bitcoin has tumbled to around 75,850.
This is a liquidity crunch, not a rotation: investors are raising cash, so gold has fallen alongside stocks and crypto rather than acting as a haven.
The dollar has firmed as the haven of choice, pushing the euro back to 1.1199, sterling to 1.3434 and the Australian dollar sharply lower to 0.6896, while USD/JPY holds near 157.7. The trigger is worries about debt-funded AI spending and doubts over the rate cuts that markets had priced, which have prompted a dash for cash. Oil has steadied, bouncing to around 92 after its collapse. The United States employment report is on today's calendar at 13:30 GMT; if it is released as scheduled it is the key macro event into the weekend, though the AI selloff and the rate outlook remain the dominant drivers.
Why it matters for traders
- Gold is not acting as a haven. In a liquidity crunch, investors sell everything to raise cash, so gold has fallen with stocks and crypto; this can persist until the forced selling is done, then gold's haven appeal may return.
- The AI selloff is the trigger. Worries about debt-funded artificial-intelligence spending have hit the technology and semiconductor names hard, so equity volatility is extreme and the risk mood is fragile.
- The dollar is the haven. With gold selling off, the dollar has taken the safe-haven bid, pushing the euro, sterling and the Aussie lower; the move can extend while risk stays under pressure.
- The jobs report is the scheduled risk. The United States employment report is on the calendar at 13:30 GMT; if released it brings payrolls, the unemployment rate and average hourly earnings into a fragile tape, though the AI story and the rate outlook remain front of mind.
FX majors
The dollar has firmed as the safe haven amid the equity selloff, pushing the euro, sterling and the Aussie lower while the yen holds near 157.7. The risk mood is the main driver into the United States employment report at 13:30 GMT, which if released could add volatility to the majors.
EUR/USD
1.11993The euro has fallen back to 1.1199 as the dollar firmed on the haven bid, momentum soft (the hourly RSI near 42). A loss of 1.1194 would open 1.1186, while a reclaim of 1.1201 would reopen 1.1209. The risk mood and the dollar tone are the drivers.
GBP/USD
1.34343Sterling has eased to 1.3434 as the dollar firmed, giving back its surge, momentum soft (the hourly RSI near 42). A loss of 1.3419 would open 1.3408, while a reclaim of 1.3440 would reopen 1.3450. The risk mood and the dollar tone are the drivers.
USD/JPY
157.737The pair is holding near 157.7, choppy with momentum neutral (the hourly RSI near 48) as risk aversion and the firmer dollar offset. A push through 157.88 would open 157.97, while a loss of 157.59 would reopen 157.50. The risk mood is the key driver.
AUD/USD
0.68961The Aussie has dropped sharply to 0.6896 as the risk-off move and firmer dollar weigh, momentum oversold (the hourly RSI near 30). A hold above 0.6888 is needed to steady it, while a loss opens 0.6880; a reclaim of 0.6902 would ease the pressure toward 0.6910. The risk mood is the key driver.
Commodities
Gold (XAU/USD)
4,044.71Gold has pulled back from above 4,100 to 4,045 as investors raise cash in the selloff, an unusual move with momentum easing (the hourly RSI near 50). A hold above 4,027 keeps it steady, while a reclaim of 4,052 would ease the pressure toward 4,064; a loss of 4,027 opens 4,015. The risk mood and the dollar are the drivers.
Silver (XAG/USD)
51.492Silver has eased to 51.5 in the metals pullback, momentum soft (the hourly RSI near 45). A hold above 51.24 keeps it steady, while a reclaim of 51.77 would ease the pressure toward 52.03; a loss of 51.24 opens 50.97. It takes its lead from gold and the risk mood.
Crude oil (WTI)
92.215Crude has steadied, bouncing to around 92 after its collapse toward 87, momentum recovering (the hourly RSI near 40). A push through 92.71 would open 93.53, while a loss of 91.08 would open 90.27. The Iran talks and the risk mood remain the drivers.
Indices & crypto
Dow Jones (US30)
51,095.03The Dow has crashed toward 51,095, down around 4 to 5 percent in the AI-led selloff, deeply oversold (the hourly RSI near 25). A reclaim of 51,185 would steady it toward 51,306, while a loss of 50,975 would open 50,800. The technology selloff is the key driver.
Bitcoin (BTC/USD)
75,848.31Bitcoin has tumbled to around 75,850 in the risk-off move, deeply oversold (the hourly RSI near 30) as it trades like a risk asset. A hold above 75,460 keeps it steady; a reclaim of 76,054 would ease the pressure toward 76,351, while a loss of 75,460 opens 75,100. It stays tied to the broad risk mood.
Economic calendar
| GMT | GST | Event | Impact | Consensus | Prior |
|---|---|---|---|---|---|
| 13:30 | 17:30 | US employment report: non-farm payrolls, unemployment rate, average hourly earnings | HIGH | - | +29K |
| 13:30 | 17:30 | Canada employment report (October) | MED | - | - |
GST is Gulf Standard Time (GMT +4). Times are approximate and may shift. Dashes mean no widely published market estimate at the time of writing.
What to watch: the dominant driver today is the aftermath of the artificial-intelligence selloff that has erased the post-election rally, with the risk mood fragile and the dollar holding a safe-haven bid. The scheduled headline is the United States employment report at 13:30 GMT, which the calendars list as confirmed after the shutdown-related disruption; if it is released as scheduled it would carry extra weight given the thin recent data, with the unemployment rate and average hourly earnings watched alongside the payrolls number. Canada's employment report lands at the same time. For gold, the question is whether the forced selling abates and its haven appeal returns, while oil is watching the Iran talks after its collapse.
Analyst view: three scenarios
Base case ~45%
If the forced selling abates and equities steady, gold could stabilize near current levels and the dollar hold its firmer tone, while oil consolidates after its bounce. The risk mood stays fragile, with ranges holding absent a fresh catalyst.
Selloff deepens Risk off ~30%
If the AI selloff extends, equities and Bitcoin could fall further and gold stay under liquidation pressure, while the dollar firms as the haven of choice and the Aussie slips further.
Relief bounce Rebound ~25%
If the forced selling exhausts and buyers step in, equities and Bitcoin could bounce and gold regain its haven bid, with the dollar easing back.
Scenario weights are the desk's subjective assessment and are not forecasts or trade recommendations.
Risk notes
- Gold selling with risk. In a liquidity crunch gold is being sold to raise cash, so it is not acting as a haven; expect sharp two-way swings until the forced selling abates
- Extreme equity volatility. The AI-led selloff has driven a sharp drop in the Dow and Nasdaq, so index swings are large and the risk mood is fragile; manage size and use stops.
- Dollar is the haven. The dollar has taken the safe-haven bid, so the euro, sterling and the Aussie are under pressure while risk stays weak.
- Jobs report in focus. The United States employment report is on the calendar at 13:30 GMT; if released it could add sharp two-way volatility, with payrolls, the unemployment rate and average hourly earnings all in play alongside the AI story.
- Oil bounce. Crude has bounced to around 92 after its collapse, but the Iran talks remain the key driver, so a fresh headline could move it quickly.