Gold: The bulls have taken their foot off the gas, but they remain in the driving seat [Video]

Richard Perry Independent Analyst

Gold

After the breakout of Monday, gold has spent the following time in consolidation around the breakout support at $1642. The bulls have taken their foot off the gas, but they remain in the driving seat. A strong, now three week uptrend comes in to support at $1629 and any retreat towards there will be seen as a chance to buy. They may have lost a certain degree of upside impetus, but momentum indicators remain positively configured and near term corrections are still a chance to buy. The hourly chart shows a band of underlying demand between $1625/$1642 is now a near term buy zone. Holding on to hourly RSI above 40 would help maintain a positive configuration that weakness remains a chance to buy. We favour pressure on $1671 (Tuesday’s high) and maintaining a position above the 23.6% Fibonacci retracement (of $1445/$1702) at $1642 maintains the bullish bias for a retest of the $1702 high in due course. On a near to medium term basis, we remain bullish whilst above $1562 and see near term weakness as a chance to buy.

Author

Richard Perry

Independent Analyst

Richard Perry, Independent Market Analyst, has over 20 years of experience working in financial markets in London.

AUD/USD remains under presure above 0.7000; focus on data

AUD/USD has met some renewed selling pressure on Thursday, coming down from tops near 0.7040 to revisit the 0.7000 region ahead of the opening bell in Asia. The pair’s daily decline has come despite a lacklustre performance in the Greenback at the time when investors continued to monitor developments from the Middle East. Looking ahead, the release of flash PMIs will grab the attention in Oz at the end of the week.

USD/JPY declines to a one-week low; eyes trading range support near 157.50 on weaker USD

USD/JPY drops to a one-week low during Thursday’s Asian session, with bears now awaiting a break below multi-week range support near mid-157.00s before placing fresh bets amid a broadly weaker US Dollar. Despite bets for a December Fed rate hike and Middle East jitters, the recent decline in US bond yields keeps USD depressed near a three-week low. Moreover, hawkish BoJ expectations and intervention risks underpin the Japanese Yen, further weighing on the currency pair.

Gold remains offered just above $4,000

Gold prices resume their decline on Thursday, easing toward the area of two-month lows around $4,050 per troy ounce. Higher crude oil prices have reignited speculation of further tightening by the Fed, supporting the US Dollar and weighing on the precious metal.

The estimates keep falling: Why Bitcoin's quantum countdown is accelerating

The threat that Artificial Intelligence (AI) and quantum computing pose to Bitcoin (BTC) and cryptocurrencies in general is no longer a matter of if hardware will catch up; it is a matter of when. Advances in AI-assisted research are adding a new dimension to the quantum computing threat, although neither technology can currently break Bitcoin’s cryptography on its own.

The Bank of England just got its clearest reason to hike. Here's what it's really watching

UK inflation as measured by the CPI accelerated to 3.5% YoY in September, up from 3.1% in August, according to the Office for National Statistics. This is the highest level since October 2025, exceeding economists' expectations of 3.4% and pushing inflation further from the BoE's 2% target.

What November 3 means for the Fed's rate path and the US Dollar

The USD faces a decisive period ahead of the November 3 midterm elections. While markets anticipate another interest rate increase from the Fed in December, the battle for control of Congress could reshape fiscal policy expectations and, indirectly, the path of US monetary policy in 2027.