Daily note · 29 October 2026
Gold slips back towards $4,000 after a hawkish Fed hold, with PCE next
The Fed held at 3.75% to 4.00% with two votes for a hike. Gold whipsawed from $4,030 to $4,070 and back, then rallied late to $4,082. Asia faded from $4,069 to $4,023, and spot is $4,033 ahead of PCE and GDP at 12:30 UK.
XAUUSD
$4,032.58
spot · 08:14 GMT · −0.92%
DXY
102.15
Wed close 102.19
UST 2Y / 10Y
4.67% / 5.05%
CMT · 28 Oct
Catalyst
PCE + GDP
12:30 UK · ECB 13:15
Chart: gold futures GC=F daily candles with 20-day average (Yahoo Finance data, plotted 08:13 GMT, 29 Oct 2026). Futures trade at a premium to spot, so chart levels differ from the spot strip.
BackdropA hawkish hold pushed the 10-year yield above 5%, so gold still has no macro tailwind.
Market structureThe post-Fed rally to $4,082 did not hold, and Asia gave it all back. Working range: $4,000–$4,060.
Educational market commentary for information and knowledge sharing only. Not investment advice. Disclaimer & risk warning.
Learn the concepts behind this note · free lessons
- Course 1 · Lesson 1What a key level is, and what it is notFree
- Course 2 · Lesson 1Market structure: swings, internal swings and confirmation lagFree
- Course 3 · Lesson 1Liquidity maps: where resting orders are assumed to sitFree
Browse the Learning Library. Education only, not investment advice.
Get the daily note by email, free
Each weekday morning before London opens, plus a Saturday weekly email. Also on Telegram: @xauusd_desk.