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Global markets traded cautiously today as investors closely watched the ongoing Trump–Xi meeting, a key event that could reshape global trade sentiment and risk appetite. While commodities like gold and silver held within recent ranges, risk currencies such as the Aussie and Kiwi advanced on hopes of a more constructive dialogue between the two leaders. Meanwhile, the US Dollar softened slightly as traders awaited any hint of renewed trade cooperation or policy alignment from Washington and Beijing.
Gold holds steady near $3,950, consolidating after a modest rebound earlier in the week. Traders are treading carefully ahead of the Trump–Xi outcome, balancing safe-haven demand with improving global trade optimism.
Geopolitical Risks: Uncertainty surrounding global trade relations and Middle East tensions continue to support underlying gold demand.
US Economic Data: Recent soft manufacturing and consumer confidence data reinforce the case for potential rate cuts.
FOMC Outcome: The Fed’s cautious tone earlier this week helped limit downside risks for gold.
Trade Policy: Hopes of a more cooperative US–China framework cap safe-haven inflows.
Monetary Policy: Expectations of gradual easing by major central banks sustain gold’s medium-term bullish appeal.
Trend: Consolidating after testing two-week highs.
Resistance: $3,975 and $4,000.
Support: $3,920 and $3,880.
Forecast: Gold may extend gains toward $4,000 if the Trump–Xi meeting fails to deliver concrete progress.
Market Sentiment: Cautiously bullish; traders prefer holding long exposure into event risk.
Catalysts: Trump–Xi outcomes, US labor data, and any Fed commentary.
Silver trades near the mid-$47.00s, showing mixed momentum as investors balance optimism in risk assets with lingering caution ahead of trade developments.
Geopolitical Risks: Safe-haven appeal remains secondary to industrial demand prospects.
US Economic Data: Slight weakness in US growth expectations supports industrial metals.
Trade Policy: Positive tone from US–China talks could lift industrial sentiment.
Trend: Range-bound with mild bullish bias.
Forecast: Silver could attempt a recovery toward $48.00 if trade optimism improves.
Market Sentiment: Neutral-to-positive as traders await confirmation from the Trump–Xi dialogue.
Catalysts: Industrial data releases, trade headlines, and Fed commentary.
NZD/USD holds above 0.5750, extending gains for a third consecutive session. The pair benefits from a softer US Dollar and upbeat sentiment surrounding potential trade cooperation between the US and China.
Geopolitical Risks: Trade progress could bolster New Zealand’s export outlook.
US Economic Data: Slightly weaker US data limits upside in the greenback.
FOMC Outcome: Dovish undertones favor high-beta currencies like the Kiwi.
Trend: Bullish bias remains intact above 0.5750.
Resistance: 0.5800 and 0.5850.
Support: 0.5720 and 0.5680.
Market Sentiment: Risk-on tone persists as traders price in trade optimism.
Catalysts: Trump–Xi statements, US data releases, and Fed policy hints.
USD/CAD trades below 1.3950, weighed down by a softer US Dollar and steady crude oil prices. Traders await clarity from both the Trump–Xi meeting and recent policy stances from the Fed and BoC.
Geopolitical Risks: Stable energy outlook limits safe-haven demand for USD.
US Economic Data: Mixed US prints keep rate expectations subdued.
FOMC Outcome: Dovish tone reinforces downside pressure on USD/CAD.
Trend: Mild downtrend below 1.3950.
Resistance: 1.3980 and 1.4020.
Support: 1.3900 and 1.3850.
Forecast: Pair may test 1.3850 if USD weakness persists post-meeting.
Market Sentiment: Bearish bias as traders favor commodity-linked currencies.
Catalysts: OPEC+ output updates, Trump–Xi outcome, and BoC commentary.
AUD/USD climbs toward 0.6600, buoyed by renewed optimism around the US–China dialogue. The Australian Dollar’s close trade ties with China make it a key beneficiary of any constructive developments.
Geopolitical Risks: Reduced trade tensions favor AUD stability.
US Economic Data: Weak US readings add to pressure on the greenback.
FOMC Outcome: Continued dovish tone may lift AUD further.
Trade Policy: Trump–Xi meeting remains the primary driver of short-term momentum.
Trend: Uptrend continues above 0.6550.
Resistance: 0.6600 and 0.6640.
Support: 0.6560 and 0.6520.
Forecast: Pair could advance beyond 0.6600 if US–China headlines stay positive.
Market Sentiment: Constructive, with traders leaning toward further upside.
Catalysts: Trump–Xi joint statement, China PMI, and Fed follow-up remarks.
Market sentiment remains finely balanced as investors await concrete updates from the Trump–Xi meeting, which could redefine near-term risk appetite across assets. Safe-haven demand in gold and silver remains underpinned by uncertainty, while risk currencies like the Aussie and Kiwi show resilience on hopes of progress. The next 24 hours may set the tone for November’s broader market direction as traders assess policy signals, trade implications, and central bank outlooks.
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