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Published: 23 October 2026,03:30
Daily Market Analysis New
*Gold plunged approximately 2.4% toward $4,041, reaching its lowest level in more than two months amid growing expectations of global monetary tightening.
*Persistent inflation and rising energy prices reinforced expectations of further tightening by the Fed, BoJ and BoE.
*Investors await upcoming Federal Reserve and Bank of Japan policy decisions for clearer signals on the global interest rate outlook.
Gold prices extended their decline, falling approximately 2.4% toward $4,041 per ounce and reaching their lowest level in more than two months as expectations of further monetary tightening by major central banks continued to weigh on the precious metal. Stronger-than-expected economic data and persistent inflationary pressures have reinforced expectations that the Federal Reserve, Bank of Japan and Bank of England could maintain restrictive monetary policies or introduce additional interest rate hikes.
Meanwhile, rising crude oil prices have intensified global inflation concerns, raising the possibility that central banks may need to keep interest rates elevated for longer. The prospect of higher borrowing costs and increased yields on interest-bearing assets has reduced the appeal of non-yielding bullion. Despite ongoing geopolitical uncertainty, gold has struggled to attract sustained safe-haven demand as investors increasingly focus on the global monetary policy outlook.
On the other hand, the U.S. Dollar Index edged slightly lower as the Japanese yen strengthened following Japan’s latest inflation report. September’s core inflation accelerated to 2.1% from 1.7%, reinforcing expectations that the Bank of Japan could introduce another interest rate hike later this year. The prospect of further monetary tightening in Japan encouraged investors to increase their
Looking ahead, investors will closely monitor the upcoming Federal Reserve and Bank of Japan monetary policy meetings for further guidance on interest rates. More hawkish signals from major central banks could reinforce selling pressure on gold, while a softer policy outlook and weaker Treasury yields may encourage a recovery. Meanwhile, the U.S. dollar’s direction will remain sensitive to relative interest rate expectations, particularly as the Japanese yen continues to benefit from growing expectations of further BoJ tightening.
Gold prices are trading lower after breaking below the previous 4,080.00 support level, reinforcing the bearish short-term structure.
Momentum indicators remain bearish, with the MACD showing increasing bearish momentum, while the RSI at 23 remains deep in oversold territory. This suggests that selling pressure remains dominant, although the risk of a short-term technical rebound is also increasing.
If bearish momentum persists, gold could extend its decline toward the next support level at 3,975.00, followed by 3,865.00 if selling pressure intensifies.
However, if bearish momentum begins to fade, gold may stage a technical rebound and retest the 4,080.00 resistance level, followed by 4,195.00 if recovery momentum strengthens.
Resistance Levels: 4080.00, 4195.00
Support Levels: 3975.00, 3865.00
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