Spot gold began the week at $3,875.21 an ounce on Sunday evening. It rose on Monday as lower oil prices eased inflation concerns and buyers stepped in after the previous week’s sharp decline. Stronger U.S. economic data, rising Treasury yields and a firmer dollar briefly pushed prices below $3,900 on Tuesday. The rally resumed after the election, taking gold above $4,000 and to a Thursday high of $4,147.02.

A technology-led equity rout prompted selling across markets. Friday’s October payroll report added pressure: the U.S. economy created 165,000 jobs, substantially more than expected, while unemployment fell to 4.1%. The figures bolstered expectations of another Federal Reserve rate hike in December. Gold dropped toward $4,030 before recovering to just under $4,070 near the weekly close. At the time of writing, spot gold was at $4,069.63, up 1.23% for the week and down 0.43% on the day.

Thirteen analysts took part in Kitco’s survey. Four, or 31%, expected prices to rise next week; five, or 38%, forecast a decline; and four, or 31%, anticipated sideways trading or said they could not call the direction. Retail sentiment was more positive: of 212 online votes, 143 respondents (68%) expected gold to gain, 32 (15%) predicted a fall and 37 (18%) expected consolidation.

Views among analysts varied. Marc Chandler of Bannockburn Global Forex said gold had acted as a safe haven during much of the week, but warned that a break below $3,975 would support his concern that the metal had not bottomed; he identified modest support near $3,935. Adam Button of investingLive expected prices to rise, citing the week’s price action and a seasonal tailwind. Adrian Day of Adrian Day Asset Management said the post-election rally may have gone too far and forecast a pullback, while describing that view as short term.

Kevin Grady of Phoenix Futures and Options argued that proposed Democratic spending could weaken the dollar and support gold over the longer term, but said Friday’s jobs data reinforced his view that another rate increase is coming. John Weyer of Walsh Trading said the election had not changed the Federal Reserve’s course and saw $3,900 and $4,000 as levels that could attract buyers. CPM Group issued a ‘Buy’ recommendation, with an initial target of $4,275 and a stop loss at $3,970 for November 5–20. Michael Moor of Moor Analytics, by contrast, forecast lower prices unless gold broke back above a specified technical formation.

Next week’s key releases include October U.S. CPI on Tuesday, weekly jobless claims and October existing home sales on Thursday, and October PPI on Friday.