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Global markets opened Thursday with a cautious tone as traders monitored central bank signals and upcoming US economic data. Gold remained steady below $3,750, while silver hovered near multi-year highs around $44.00. In the FX space, NZD/USD extended losses after Fed Chair Powell signaled caution on rate cuts, while the Australian Dollar found some relief as RBA rate cut bets faded. Meanwhile, the PBOC’s daily USD/CNY fix underscored steady policy intentions amid global volatility.
Gold is trading flat just below $3,750, holding in a narrow band as markets digest upcoming US macro releases and upcoming Fed speeches. The metal’s indecisive action reflects a balance between cautious optimism about monetary easing and USD strength on safe-haven flows.
Geopolitical Risks: Persistent global tension supports demand for safe-haven assets like gold.
US Economic Data: Upcoming data (e.g. PMIs, inflation) is expected to set the near-term tone for the dollar.
FOMC Outcome: Fed officials’ speeches are being parsed for clues regarding future rate paths.
Trade Policy: Trade risk remains a background factor for macro sentiment but not a direct driver today.
Monetary Policy: Markets still price in potential easing, which supports the case for gold, though the timing remains highly uncertain.
Trend: Sideways / consolidation under $3,750.
Resistance: $3,770 → $3,800.
Support: $3,720 → $3,700.
Forecast: Gold is likely to remain rangebound unless a major surprise from US data or Fed comments shifts momentum. A move above $3,770 may signal resumption of bullish trend; if it breaks below $3,720, deeper pullbacks are possible.
Market Sentiment: Cautiously optimistic, with traders waiting for directional cues.
Catalysts: US macro releases, Fed speeches, USD strength/weakness, and any sharp geopolitical developments will be key.
Silver is consolidating around $44.00, marking its highest level since 2011. The metal remains well-supported by Fed policy expectations and robust industrial demand sentiment, though overbought conditions are starting to emerge.
Geopolitical Risks: Safe-haven appeal adds support amid global uncertainty.
US Economic Data: Stronger US releases could cap upside by reinforcing USD demand.
Trade Policy: Stable conditions in industrial demand outlook continue to bolster silver.
Trend: Strong bullish momentum.
Forecast: Silver may extend gains if bullish sentiment holds, but profit-taking is possible near multi-year highs.
Market Sentiment: Strongly bullish, though cautious near resistance.
Catalysts: US economic data, Fed commentary, industrial demand outlook.
NZD/USD is extending losses toward 0.5800 after Fed Chair Powell signaled caution on cutting rates, providing renewed strength to the US Dollar. The Kiwi struggles to hold earlier gains as global risk sentiment softens.
Geopolitical Risks: Risk-off mood pressures risk-sensitive currencies like the Kiwi.
US Economic Data: Stronger US data adds further downside risk for NZD.
FOMC Outcome: Powell’s cautious tone dampens dovish expectations, weighing on NZD/USD.
Trend: Bearish bias near key support.
Resistance: 0.5850 → 0.5900.
Support: 0.5800 → 0.5770.
Market Sentiment: Risk-off, USD-favored.
Catalysts: Powell’s comments, US data, Chinese demand indicators.
AUD/USD is attempting to recover as fading bets for a November RBA rate cut provide support. The pair steadies after recent losses, trading modestly higher in a cautious environment.
Geopolitical Risks: Limited direct impact, though risk appetite influences AUD.
US Economic Data: Stronger USD could limit recovery momentum.
FOMC Outcome: Fed’s cautious stance caps AUD upside potential.
Trend: Stabilizing with mild bullish bias.
Resistance: 0.6450 → 0.6480.
Support: 0.6400 → 0.6370.
Forecast: Likely to consolidate with slight upside bias if USD strength does not intensify.
Market Sentiment: Neutral to slightly positive for AUD.
Catalysts: RBA outlook, Chinese demand trends, US macro data.
The PBOC set the daily USD/CNY reference rate at 7.1118, slightly weaker than the previous 7.1077, reflecting its continued effort to manage yuan stability. The yuan remains under pressure from USD resilience and slower domestic growth.
Geopolitical Risks: Regional tensions could weigh on investor flows into China.
US Economic Data: Strong US data strengthens USD/CNY upside pressure.
FOMC Outcome: Fed’s cautious tone helps stabilize USD strength.
Trade Policy: US-China trade flows remain critical to the pair’s medium-term outlook.
Trend: Stable with mild upside bias for USD/CNY.
Resistance: 7.1200 → 7.1350.
Support: 7.1000 → 7.0850.
Forecast: The yuan is likely to remain rangebound within PBOC’s controlled band, with mild pressure toward the upside.
Market Sentiment: Cautious, with markets watching for PBOC intervention.
Catalysts: PBOC fixings, US-China relations, incoming US macro data.
Overall, markets remain highly sensitive to central bank commentary and upcoming economic releases. Precious metals are holding elevated levels, while major FX pairs reflect shifting expectations around Fed and RBA policy. Traders are likely to stay cautious, with further moves hinging on fresh US data and guidance from policymakers.
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