Gold Declines; PCE Data Set to Be the Deciding Factor

Global gold prices weakened again during Thursday’s trading session after the Federal Reserve maintained interest rates but offered limited guidance regarding its next policy moves. On Thursday (October 29), XAU/USD traded around US$4,029 per troy ounce, following a modest three-session winning streak.

The Federal Open Market Committee (FOMC) voted 10-2 to keep interest rates unchanged, in line with market expectations. However, Fed Chair Kevin Warsh hinted at a potential shift in the policy schedule, suggesting that the number of rate-setting meetings could be reduced from eight to six per year.

Gold price at the time of this analysis: $4,036

- Buy if the price moves to $4,030

- Sell if the price moves to $4,045

Resistance 2: $4,063

Resistance 1: $4,050

Support 1: $4,025

Support 2: $4,015

Note: This article is analytical in nature and does not constitute definitive advice. Please consider the impact of fundamental and technical developments on trading before making any investment decisions.