Sarries could have won it had Owen Farrell landed a late penalty or an even later drop goal but the French giants held on for a crucial four points that Noves felt they fully deserved.
"I'm fabulously happy right now," said Noves, after Toulouse moved on to nine points following last week's 38-5 win over Zebre.
"We spent too much time in our own territory during the first half: we tried to get some movement going in our game but we just couldn't get into Saracens' side of the pitch. As a result, we had to be very good in defence.
"It was a ferocious battle, but the guys never stopped fighting and I think we deserved the victory.
"We will stay humble because we know we will have to fight until the last second, but we are also going to savour the moment after a good win."
Try scorer Picamoles, who missed out on a starting spot to Heineken Man of the Match Gillian Galan, knows just how much victory on the road could mean as Toulouse look to put the disappointment of missing out on last season's knockout stages well and truly behind them.
Toulouse had won just one of their last five away games in the Heineken Cup and are without a win on their travels in the Top 14 this season following defeats to Bordeaux-Begles, ASM Clermont Auvergne, Montpellier and Perpignan.
"We were chasing this first victory away from home. We felt that we were getting closer to it and things finally paid off for us tonight," said Picamoles.
"The cards are in our hands right now."