Gold Price News and Forecast: XAU/USD's upside capped buy 5-week SMA

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Gold Price Analysis: XAU/USD bulls face an uphill battle despite dovish Powell – Confluence Detector

Gold (XAU/USD) consolidates its overnight recovery above $1800, having capitalized on Fed Chair Jerome Powell’s dovish comments. Powell signaled Tuesday the Fed was nowhere close to unwinding its easy policy amid uneven economic recovery.

Gold bulls also weigh in the reports that the House will vote on the US stimulus bill this Friday, as the US Treasury yields correct further from yearly highs. Markets await the Day 2 of Powell’s testimony and a slew of Fedspeak for fresh directives.

Gold Price Analysis: XAU/USD's upside capped buy 5-week SMA

Gold trades near $1,810 per ounce at press time, having failed to take out the descending or bearish 5-week Simple Moving Average of $1,816 on Tuesday. The sellers failed to establish a foothold under the November low of $12,764 last week, and the metal has risen by more than 1% this week.

Even so, it's too early to call a bullish reversal, as the descending trendline falling from the record high of $2,075 reached in August is still intact.

AUD/USD holds above 0.7000 as Fed and RBA, inflation tests loom

The Australian Dollar consolidates for the fourth straight day versus the US Dollar, yet registers modest gains of 0.11%, as price action shifts to choppy ahead of the Federal Reserve’s monetary policy decision. A busy US economic docket barely moved the markets, while traders eye the release of Australia’s Consumer Price Index.

USD/JPY sticks to modest gains above 157.50 as traders await Fed, BoJ meetings

USD/JPY attracts buyers for the third straight day, recovering further from a one-month low ahead of Wednesday’s FOMC decision and the BoJ policy update on Friday. Meanwhile, expectations that the BoJ may hold off on aggressive rate hikes weigh on the Japanese Yen, and the US Dollar advances to a nearly two-week high, supporting the currency pair.

Gold rises above $4,050 ahead of Fed rate decision

Gold price jumps to around $4,065 during the early Asian session on Wednesday, bolstered by lower oil prices. Traders await the Federal Reserve's policy meeting later on Wednesday for signals on ‌the future path of US interest rates.

Ethereum ETFs near record monthly outflows as ETH tests $2,310

Ethereum (ETH) held steady on Tuesday, consolidating at $2,340, just above $2,300 after last week’s decline. Three measures sit within about $18 of each other: ETH’s realized price at $2,310, the 200-day Exponential Moving Average (EMA) at $2,315, and the $2,328 average cost basis of wallets holding 1K-10K ETH.

What can we expect from the RBNZ monetary policy decision?

On Wednesday, October 28 at 01:00 GMT, the Reserve Bank of New Zealand, led by Governor Anna Breman, is expected to raise the Overnight Cash Rate by 25 basis points, from 2.75% to 3%, as money markets price in a 100% chance. This would be the third-rate hike by the RBNZ, while the odds for another hike in December are nearly 50%.

Anthropic pledged $270 billion to Amazon, Google, and Microsoft. Here's who actually gets paid

Anthropic owes Amazon, Google, and Microsoft at least $269.4 billion for computing power, even if it uses less. All three sell its models and handle its billing, and Amazon and Google own stakes and lend it money, so they get paid regardless of how the IPO goes. The Dario Amodei-led Anthropic filed its initial public offering (IPO) on Monday, seeking a listing on the Nasdaq under the ticker ANT.