Market Pulse — October 28, 2025
Markets turn cautious ahead of major central-bank meetings. Gold slides below $4,000, oil holds steady, stocks pause after recent gains, and Bitcoin trades firm above $112K.
Today’s Snapshot
- Stocks: Global equities consolidate after a strong October rally; traders await the Fed and BoJ decisions.
- Gold: Slips below $4,000/oz as profit-taking continues and real yields rise.
- Oil: Trades steady near $96 as supply risk and slowing demand expectations offset each other.
- Forex: Dollar stable near recent highs; EUR/USD holds around 1.162 while USD/JPY hovers above 151.7.
- Crypto: Bitcoin stays resilient near $112,500; Ethereum steady around $3,950.
What’s Moving Markets
Equities / Stocks
Global stocks paused after October’s rally as investors shifted focus to this week’s Federal Reserve and Bank of Japan meetings. Markets are balancing optimism over soft-landing hopes with caution around possible hawkish commentary. U.S. tech remains a bright spot as earnings season winds down.
Gold
Gold dropped below $4,000 for the first time in nearly two weeks, pressured by stronger U.S. real yields and reduced safe-haven demand. Analysts see key support near $3,940–$3,960, with a rebound likely only if the Fed signals policy easing ahead. Physical demand from Asia remains steady, helping limit deeper losses.
Oil
Oil prices steadied as investors weighed new sanctions-related supply concerns against signs of slowing demand in Europe and Asia. Brent hovered near $100 while WTI traded just under $96. Positioning suggests traders expect range-bound action until fresh macro data provides direction.
Forex
The U.S. dollar held firm as traders stayed defensive ahead of this week’s Fed decision. The euro stayed range-bound, with ECB officials hinting at patience on policy shifts. The yen remained near multi-month lows, prompting speculation of verbal intervention if weakness deepens beyond 152.
Crypto / Digital Assets
Bitcoin traded higher around $112K, buoyed by continued ETF inflows and stable liquidity. Altcoins were mixed, with Ethereum holding under $4K. Traders expect sideways consolidation until volatility returns after central-bank headlines later this week.
Quick Technical View
- XAU/USD: Testing $3,950–$3,970 support; below $3,940 opens risk toward $3,880.
- WTI Crude: Neutral bias; range $94–$98 expected until new demand data emerges.
- USD/JPY: Overbought near 151.7; potential for short-term pullback if BoJ hints at adjustment.
- EUR/USD: Holding 1.16–1.17 range; break above 1.171 would mark bullish confirmation.
- BTC/USD: Firm above $112K; breakout above $113.5K targets $115K region.
- S&P 500: Support 5,110 / resistance 5,180; RSI cooling after extended rally.
FXSMS Outlook (Not Financial Advice)
Markets appear balanced between the risk of inflation data and central bank signals. A steady Fed tone could relieve pressure on gold and the yen while supporting equities into month-end. Oil is likely to remain range-bound, and Bitcoin’s firm tone above $112K suggests that underlying demand remains intact.
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