Platinum price kept its fluctuation below $1605.00 barrier, forcing it to provide new nixed trading by its continued fluctuation near $1580.00, reminding you that the stability above the sideways track’s support at $1520.00 and the continuation of providing positive momentum by the main indicators, these factors make us keep the bullish suggestion, to expect surpassing the current barrier by recording new gains by its rally towards $1642.00 and $1660.00.
While the decline below the current support and providing negative close, will confirm activating the bearish corrective track, to expect suffering several losses by reaching $1485.00 reaching the next support at $1440.00.
The expected trading range for today is between $1545.00 and$1642.00
The British Pound’s recent rebound faltered after disappointing UK jobs data pushed the Pound-to-Dollar exchange rate down toward 1.31, with analysts warning that a softening labour market gives the BoE room to cut rates again next month.
MUFG and ING both see further GBP losses ahead with a December move as increasingly likely.
GBP/USD Forecasts: Recovery Halted
Pound Sterling was hurt on Tuesday by increased speculation of a December Bank of England (BoE) interest rate cut following weaker-than-expected UK jobs data.
The Pound to Dollar (GBP/USD) exchange rate dipped sharply to 1.3120 from highs near 1.3180 ahead of the data with the Pound struggling to secure any benefit from favour able risk conditions and a fresh record high in the FTSE 100 index.
Crucial Pound support remains at 1.30. ING has a year-end GBP/USD forecast of 1.34 as the dollar loses ground.
The UK jobs data was significantly weaker than expected with the unemployment rate increasing to a fresh 4-year high of 5.0% in the three-months to September from 4.8% previously and above consensus forecasts of 4.9%.
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The ONS also reported a decline in payrolls of 32,000 for October, matching a final 32,000 retreat for September.
There was also a small net slowdown in underlying wages growth to 4.6% from 4.7%.
According to MUFG; “The data suggests that the downturn in the labour market is getting worse ahead of the Autumn Statement.”
Markets are now more convinced that the BoE will cut rates again in December.
MUFG added; “Loosening labour market conditions should give the BoE more confidence that wage growth will continue to slow dampening upside inflation risks. The weak labour market report supports our forecast for the BoE to cut rates next month.”
There will be potential implications for politics and the budget with pressure for measures to support the jobs market.
Capital Economics UK economist Ashley Webb commented; “The 32,000 fall in payroll employment in October was the eleventh monthly decline over the past year and suggests that businesses continued to trim headcounts after the Chancellor announced the rises in payroll taxes and the minimum wage in last year’s October Budget.”
According to ING; “Now, both inflation and jobs data are starting to point down, and we think the Autumn Budget’s tax hikes will provide the final argument for a cut in December.”
On Monday, the US Senate voted to end the government shutdown and it will now move to the House of Representatives.
Assuming there is a near-term re-opening, there is the potential for some relief surrounding consumer confidence while the focus will switch to postponed data releases with a particular focus on the jobs market.
ING commented; “a resumption of data releases in the US does carry non-negligible downside risks to the dollar. In our view, the latter factors should prevail, as we think markets are underestimating the downside risks for the labour market, US front-end rates and – by extension – the dollar into year-end.”
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Silver price (XAG/USD) edges lower to near $51.10, snapping the five-day winning streak during the early European session on Wednesday. The white metal loses ground amid the renewed US Dollar (USD) demand. The Federal Reserve (Fed) policymakers are set to speak later in the day, including John Williams, Anna Paulson, Christopher Waller, Raphael Bostic, Stephen Miran and Susan Collins.
The US Dollar Index (DXY), an index of the value of the US Dollar (USD) measured against a basket of six world currencies, trades in positive territory around 99.55, bolstered by hopes for the end of the US government shutdown. This, in turn, could weigh on the USD-denominated commodity price in the near term.
After the Senate voted 60-40 on Monday to pass a temporary continuing resolution to fund the government, the House is set to vote on the measure on Wednesday, and House Speaker Johnson said he expects it will pass quickly. If it passes in both chambers of Congress, it will head to US President Donald Trump to be signed into law. The bill will restore funding to government agencies through January 30.
Markets brace for an imminent US government reopening that is expected to unleash a backlog of US economic releases. “Traders believe (data) will show some weakening economic numbers, and that would prompt the Fed to cut interest rates in December… that is probably encouraging the gold and silver market bulls today,” said Jim Wyckoff, senior analyst at Kitco Metals.
According to the CME FedWatch tool, traders have currently priced in nearly a 68% probability that the US central bank would lower rates by 25 basis points (bps) in the December meeting, up from around a 62% chance a day ago. Lower interest rates could reduce the opportunity cost of holding Silver, supporting the non-yielding precious metal.
Silver FAQs
Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets.
Silver prices can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold’s. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves also depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAG/USD). A strong Dollar tends to keep the price of Silver at bay, whereas a weaker Dollar is likely to propel prices up. Other factors such as investment demand, mining supply – Silver is much more abundant than Gold – and recycling rates can also affect prices.
Silver is widely used in industry, particularly in sectors such as electronics or solar energy, as it has one of the highest electric conductivity of all metals – more than Copper and Gold. A surge in demand can increase prices, while a decline tends to lower them. Dynamics in the US, Chinese and Indian economies can also contribute to price swings: for the US and particularly China, their big industrial sectors use Silver in various processes; in India, consumers’ demand for the precious metal for jewellery also plays a key role in setting prices.
Silver prices tend to follow Gold’s moves. When Gold prices rise, Silver typically follows suit, as their status as safe-haven assets is similar. The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, may help to determine the relative valuation between both metals. Some investors may consider a high ratio as an indicator that Silver is undervalued, or Gold is overvalued. On the contrary, a low ratio might suggest that Gold is undervalued relative to Silver.
Platinum price kept its fluctuation below $1605.00 barrier, forcing it to provide new nixed trading by its continued fluctuation near $1580.00, reminding you that the stability above the sideways track’s support at $1520.00 and the continuation of providing positive momentum by the main indicators, these factors make us keep the bullish suggestion, to expect surpassing the current barrier by recording new gains by its rally towards $1642.00 and $1660.00.
While the decline below the current support and providing negative close, will confirm activating the bearish corrective track, to expect suffering several losses by reaching $1485.00 reaching the next support at $1440.00.
The expected trading range for today is between $1545.00 and$1642.00
While Japanese data drew market attention early in the Wednesday session, Capitol Hill will take center stage later. The Senate approved a funding package to reopen the government on Tuesday, November 11, passing the bill to the House.
Markets expected a House vote to approve the Senate’s measure, potentially reopening the government this week. However, USD/JPY is exposed to the risk of the House failing to approve the bill, given that it differs from the bill the House had originally passed to the Senate.
Further delays to the US government returning to office could trigger a US dollar sell-off, sending USD/JPY toward 153. On the other hand, the pair could rise toward 155 if the House approves the bill. However, a move toward 155 may draw the Japanese government’s attention and potentially trigger more yen intervention threats, suggesting a choppy session.
While Capitol Hill will take center stage, traders should monitor FOMC members’ speeches. Views on inflation, labor market conditions, and potential economic fallout from the shutdown will influence bets on a December Fed rate cut.
According to the CME FedWatch Tool, the chances of a Fed rate cut in December were finely balanced, rising from 62.4% on November 10 to 67.9% on November 11.
Despite near-term strength, the broader outlook remains bearish as narrowing rate differentials may favor the yen. The Fed remains on a dovish rate path, while the BoJ continues to keep a rate hike on the table, supporting a narrowing in rate differentials in favor of the yen.
USD/JPY Scenarios: Diverging Monetary Policies
Bearish USD/JPY Scenario: Hawkish BoJ chatter, intervention warnings, failure by the House to approve the funding bill, and dovish Fed rhetoric could drag USD/JPY toward 153.
Bullish USD/JPY Scenario: Dovish BoJ signals, House passes funding bill, and hawkish Fed rhetoric could send USD/JPY toward 155.
The advance blew past the minor $4.54 target and cleared the 161.8% ABCD projection, while breaking decisively above the 150% extension of the original rising channel. The next channel line at the 175% extension is now the clear focal point, together with the 200% ABCD projection at $4.82.
Proximity to March High
Current price sits only 7% below the March $4.90 spike—a level reached in a single session and closed at the low—suggesting potentially light supply on any retest and raising the odds of a challenge or exceedance of the 2025 high before correction arrives.
Failed August Breakdown Context
The August breakdown below the long-term rising channel quickly failed, producing instead the current sharp rally. False breakouts classically lead to strong moves in the opposite direction, providing additional backing for a possible run at $4.90. This remains a possibility only – new price action will confirm or invalidate it.
Downside Support Framework
Initial dynamic support lies at the sharply rising 10-day average, currently $4.24. Former resistance near $4.15 offers the next reaction zone, with the 20-day average at $3.75 as the deeper target on any 10-day failure.
Overbought Warning Signs
The steep slope of the 10-day average and overbought RSI highlight an extended market that is undeniably due for a correction, even as momentum remains robust for now.
Outlook
Natural gas stays in control of the bulls, with the 150% channel breakout and clearance of the 161.8% ABCD pointing toward $4.82 and the 175% line. Light historical resistance near $4.90 and the prior failed channel breakdown keep the 2025 high very much in play. Any pullback should be contained by $4.24–$4.15 support; sustained trade above $4.58 preserves full upside initiative.
The Pound-to-Dollar exchange rate (GBP/USD) fell on Tuesday after a surprise jump in UK unemployment reinforced speculation that the Bank of England (BoE) could lower interest rates as soon as next month.
At the time of writing, GBP/USD was trading around $1.3135, down roughly 0.3% on the day.
The Pound (GBP) slipped sharply at the start of the session after figures from the Office for National Statistics (ONS) showed the UK unemployment rate rising to 5% in the three months to September, up from 4.8% and above expectations for a smaller increase to 4.9%.
This marks the highest level of joblessness in more than four years and comes alongside evidence of easing wage pressures, with average earnings (excluding bonuses) slowing from 4.7% to 4.6%.
The combination of rising unemployment and weaker pay growth added to signs that the UK jobs market is losing momentum. Investors responded by ramping up bets on a BoE rate cut in December, with markets now pricing in a 73% probability of a move, pushing Sterling lower across the board.
The US Dollar (USD), meanwhile, traded in mixed fashion as optimism over progress toward ending the US government shutdown was offset by improving risk appetite that limited safe-haven demand.
The Senate’s approval of a budget bill on Monday evening was seen as a critical step toward resolving the crisis, helping to restore some market confidence. However, with the House of Representatives yet to vote, traders remained cautious.
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A potential resolution would reopen the release of delayed federal data, including key employment and inflation figures, which could quickly reshape expectations for a Federal Reserve rate cut in December.
GBP/USD Forecasts: Central Bank Commentary to Steer Direction
Looking ahead, a series of speeches from central bank officials on Wednesday will likely set the tone for the Pound to Dollar exchange rate.
In the UK, remarks from BoE Chief Economist Huw Pill will be closely watched after he previously warned about persistent inflation pressures. Should Pill soften his stance following the weaker jobs data, Sterling could extend its decline. Conversely, any suggestion that policymakers remain wary of cutting rates too soon could offer the Pound some relief.
Across the Atlantic, comments from Federal Reserve officials John Williams, Christopher Waller, and Stephen Miran will be in focus. As all three are viewed as relatively dovish, any fresh hints of a softer Fed policy outlook could weigh on the Dollar, limiting its gains against the Pound.
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EUR/JPY extends its gains for the third consecutive session, trading around 178.40 during the European hours on Tuesday. The currency cross shows strong short-term momentum, trading above the nine-day Exponential Moving Average (EMA). Moreover, the 14-day Relative Strength Index (RSI) remains above 50, signaling a strengthening bullish bias.
On the upside, the EUR/JPY cross tests the crucial level of 178.50, followed by the all-time high of 178.82, reached on October 30, near the psychological level of 179.00. Further advances above this confluence resistance area would open the doors for the currency cross to explore the region around the psychological level of 180.00.
The immediate support lies at the psychological level of 178.00, followed by the nine-day EMA at 177.55. A break below the latter would weaken the short-term price momentum and prompt the EUR/JPY cross to test the ascending trendline around 176.50, followed by the 50-day EMA at 175.51.
Further declines below the 50-day EMA would dampen the medium-term price momentum and cause the emergence of the bearish bias and put downward pressure on the EUR/JPY cross to navigate the region around the two-month low of 172.14, which was recorded on September 9.
EUR/JPY: Daily Chart
Euro Price Today
The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the strongest against the British Pound.
USD
EUR
GBP
JPY
CAD
AUD
NZD
CHF
USD
0.04%
0.41%
0.19%
0.10%
0.27%
0.02%
-0.14%
EUR
-0.04%
0.37%
0.14%
0.06%
0.23%
-0.01%
-0.18%
GBP
-0.41%
-0.37%
-0.22%
-0.30%
-0.17%
-0.39%
-0.54%
JPY
-0.19%
-0.14%
0.22%
-0.09%
0.08%
-0.18%
-0.33%
CAD
-0.10%
-0.06%
0.30%
0.09%
0.17%
-0.09%
-0.24%
AUD
-0.27%
-0.23%
0.17%
-0.08%
-0.17%
-0.24%
-0.46%
NZD
-0.02%
0.00%
0.39%
0.18%
0.09%
0.24%
-0.16%
CHF
0.14%
0.18%
0.54%
0.33%
0.24%
0.46%
0.16%
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent EUR (base)/USD (quote).
A 4-week average US ADP Employment Change report revived hopes for a December rate cut.
The US federal government is likely to reopen before the end of the week.
XAU/USD loses its bullish strength, but the risk remains skewed to the upside.
Gold price advanced towards $4,150, its highest in three weeks, before trimming early gains and stabilizing in the $4,110 area. Financial markets are in a wait-and-see mode amid hopes the United States (US) government will soon reopen, which puts some intraday pressure on the US Dollar (USD). Other than that, a bank holiday in the US, due to Veterans’ Day, exacerbates the intraday quietness.
On the data front, the United Kingdom (UK) and the US published weak employment data, fueling bets on upcoming rate cuts in both countries. On the one hand, the UK Office for National Statistics (ONS) reported that the ILO Unemployment rate surged to 5% in the three months to September, higher than the previous 4.8% and worse than the anticipated 4.9%. Other than that, Employment Change in the same period indicated 22,000 fewer active workers, vs the previous 91,000 increase.
In the US, Automatic Data Processing, Inc. (ADP) released a new 4-week average on Employment Change, which showed that in the four weeks ending Oct. 25, 2025, private employers shed an average of 11,250 jobs a week, suggesting that the labor market struggled to produce jobs consistently during the second half of the month.
The Federal Reserve (Fed) cut the benchmark interest rate when it met in October, but Chair Jerome Powell noted that a December cut should not be taken for granted. The ADP figures surely revive hopes for an upcoming cut before the end of the year. Still, the focus remains on the federal government reopening and the release of official data.
XAU/USD short-term technical outlook
XAU/USD’s current retracement does not affect the positive bias. In the 4-hour chart, the pair stands above all its moving averages, with the 20 Simple Moving Average (SMA) rising above the 100 and 200 SMAs, underscoring the bullish momentum. The 100-period SMA still trends lower as the 200-period SMA grinds higher, a mixed slope that slightly tempers the near-term impulse. At the same time, the Momentum indicator holds above its 100 line and ticks higher, indicating sustained buying pressure. Finally, the Relative Strength Index (RSI) stands at 63.47, easing from overbought yet maintaining a positive tone.
In the daily chart, XAU/USD offers a neutral-to-bullish scope. The 20-day SMA holds above the 100- and 200-day SMAs, while the longer gauges continue to rise. The 20-day SMA at $4,082.05 offers nearby dynamic support. In the meantime, the Momentum indicator remains below 100 and edges higher, indicating a fading bearish pressure, while the RSI hovers around 58, modestly above the midline and consistent with a positive bias.
(The technical analysis of this story was written with the help of an AI tool)
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