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Global markets opened Wednesday with a renewed appetite for metals, as expectations of a Federal Reserve rate cut continued to drive investor sentiment. Gold extended its rally toward the $4,200 mark, while Silver hovered near a four-week high, both supported by easing U.S. yields and a softer dollar. The prospect of lower borrowing costs boosted the appeal of non-yielding assets, even as risk sentiment stayed cautiously positive across equity markets.
Elsewhere, Australia’s labor market data showed a slight decline in unemployment, reinforcing the RBA’s balanced stance, while China’s PBOC maintained a steady yuan fixing, signaling stability amid broader market optimism. In the UK, upcoming GDP figures are expected to show modest growth, keeping BoE policy bets tilted toward a dovish bias.
Gold traded near $4,180, extending its climb to a three-week high as markets priced in stronger odds of a Federal Reserve rate cut in coming months. Softer U.S. Treasury yields and a subdued Dollar Index provided the perfect setup for bulls to sustain momentum, though profit-taking looms at higher levels.
Geopolitical Risks: Ongoing tensions in the Middle East continue to underpin bullion’s safe-demand appeal.
US Economic Data: Weaker labor data and moderating inflation have reinforced dovish Fed expectations.
FOMC Outcome: Markets increasingly anticipate a rate cut by early 2026, which supports non-yielding metals.
Trade Policy: Steady China-U.S. relations and solid physical demand from Asia have lent support.
Monetary Policy: Global central banks’ dovish pivot keeps real yields under pressure, aiding gold’s bid.
Trend: Strong bullish momentum above key moving averages.
Resistance: $4,200 and $4,230.
Support: $4,130 and $4,080.
Forecast: Gold may consolidate above $4,150, with potential to retest $4,200 if yields stay soft.
Market Sentiment: Strongly bullish but cautious ahead of upcoming U.S. inflation data.
Catalysts: Fed commentary, U.S. CPI revisions, and central bank gold purchases.
Silver consolidated near $52.80, hovering close to a four-week peak. The metal benefited from a broad rise in industrial and precious metal demand as investors balanced risk exposure with rate-cut optimism.
Geopolitical Risks: Calm in major industrial regions has shifted focus back to demand fundamentals.
US Economic Data: A softer U.S. Dollar and cooling labor momentum support the rebound in metals.
Trade Policy: China’s resilient manufacturing data hints at improved industrial consumption.
Trend: Uptrend remains intact above short-term moving averages.
Forecast: Silver may stay supported above $52.00, with potential to retest the $53.50 region.
Market Sentiment: Bullish, driven by dovish Fed tone and steady physical demand.
Catalysts: Industrial production figures and Fed meeting minutes.
The Aussie traded near $0.6570, slightly weaker after mixed domestic employment data. While the RBA held rates steady, investors remain cautious amid China’s slowing trade performance and fluctuating risk appetite.
Geopolitical Risks: Regional growth uncertainty limits strong Aussie upside.
US Economic Data: A softer U.S. labor market offsets some of the greenback’s strength.
FOMC Outcome: Rate cut expectations have narrowed yield differentials, mildly supporting the Aussie.
Trend: Neutral to slightly bearish.
Resistance: 0.6610 and 0.6650.
Support: 0.6520 and 0.6480.
Market Sentiment: Neutral, awaiting fresh direction from Chinese trade figures.
Catalysts: Australian jobs report and U.S. inflation outlook.
The PBOC set the yuan midpoint at 7.0865, signaling a measured approach to currency management. The fixing was slightly weaker, reflecting modest capital outflow pressures amid a stronger U.S. Dollar.
Geopolitical Risks: Global trade stability supports China’s cautious FX policy.
US Economic Data: Resilient U.S. numbers limit CNY strength.
FOMC Outcome: Anticipated Fed rate cuts narrow yield spreads, providing slight relief for the yuan.
Trend: Mildly bearish for CNY (USD/CNY steady).
Resistance: 7.0950 and 7.1000.
Support: 7.0800 and 7.0650.
Forecast: The pair may trade range-bound near 7.08–7.10 as China prioritizes stability.
Market Sentiment: Neutral with a slight bullish bias for USD.
Catalysts: PBOC liquidity moves and U.S. Treasury yields.
The Pound held near 1.2760, showing limited volatility ahead of the UK’s Q3 GDP report. Investors expect a modest recovery, though slowing consumer demand and BoE dovish expectations cap major gains.
Geopolitical Risks: Political uncertainty and trade tensions within Europe dampen sentiment.
US Economic Data: Softer dollar provides temporary support for the pair.
FOMC Outcome: A dovish Fed may lend near-term relief to GBP/USD.
Trade Policy: Brexit-related trade normalization continues but growth momentum lags.
Trend: Sideways with mild bullish bias.
Resistance:1.2820 and 1.2870.
Support: 1.2700 and 1.2650.
Forecast: GBP/USD may test 1.2800 if GDP data meets expectations.
Market Sentiment: Cautiously bullish ahead of UK GDP data.
Catalysts: UK growth figures, BoE commentary, and U.S. inflation updates.
Precious metals outperformed as Fed rate cut expectations deepened, while the U.S. Dollar softened against major counterparts. Commodity-linked currencies like the Aussie and Kiwi traded mixed amid diverging local data, while oil steadied on stable demand signals. With U.S. inflation trends and Fed commentary still steering sentiment, traders will watch closely whether momentum in gold and silver can extend further into week’s end.
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