The GBPJPY pair opened today’s trading with a big price gap, to settle above the barrier at 200.45, recording big gains by its rally towards 202.10, approaching the initial main target at 202.40, forming 161.8%Fibonacci extension level that appears in the above image.

And that confirms the price surrender to the bullish bias dominance, by providing extra positive momentum by the main indicators, which increase the chances of surpassing 202.40 level, to begin achieving extra gains by its rally towards 202.85 reaching 1.809% Fibonacci extension level near 203.85.

The expected trading range for today is between 200.60 and 202.80

Trend forecast: Bullish

The GBPJPY pair opened today’s trading with a big price gap, to settle above the barrier at 200.45, recording big gains by its rally towards 202.10, approaching the initial main target at 202.40, forming 161.8%Fibonacci extension level that appears in the above image.

And that confirms the price surrender to the bullish bias dominance, by providing extra positive momentum by the main indicators, which increase the chances of surpassing 202.40 level, to begin achieving extra gains by its rally towards 202.85 reaching 1.809% Fibonacci extension level near 203.85.

The expected trading range for today is between 200.60 and 202.80

Trend forecast: Bullish

Gold (XAU/USD) Surges Toward $4,000 as Global Uncertainty and Policy Easing Ignite Record-Breaking Rally

Gold’s remarkable ascent continues to dominate global markets as prices soar to unprecedented levels, breaking through $3,897.13 per ounce before settling near $3,886.45. This marks the seventh consecutive week of gains, pushing the metal’s year-to-date increase above 47%, its strongest annual performance since 1979. The yellow metal has now logged multiple all-time highs in 2025, with analysts from major banks projecting it could soon test or even exceed the $4,000 barrier. Market capitalization across gold ETFs has expanded sharply, while bullion demand from both institutions and central banks remains relentless. The rally reflects a perfect storm of macroeconomic drivers — a weakening U.S. dollar, renewed geopolitical risk, policy interference fears at the Federal Reserve, and surging official sector purchases.

Macroeconomic Pressure and Fed Data Paralysis Fuel XAU/USD Momentum

The latest catalyst stems from the ongoing U.S. government shutdown, now entering its fifth day, which has disrupted the release of crucial data such as non-farm payrolls and CPI. With the Bureau of Labor Statistics offline, the Federal Reserve is effectively operating blind ahead of its October 29 meeting. According to CME FedWatch, markets are pricing a 97% probability of a 25-basis-point cut this month and an 85% chance of another by December. The dollar index dropped to 97.78, its weakest close since July, while 10-year Treasury yields slipped to 4.092%, further bolstering demand for non-yielding assets. Analysts at UBS and Goldman Sachs have lifted their 2025 targets to $4,200 and $4,300, respectively, citing sustained rate-cut expectations and intensifying safe-haven flows.

Central Banks and Institutional Investors Drive Structural Demand

According to HSBC, central bank demand continues to underpin the market, with official sector purchases remaining robust as nations diversify away from the U.S. dollar. While buying may slow from the record levels of 2022–2024, the aggregate pace remains historically elevated. HSBC projects that “rallies can continue into 2026,” aided by institutional diversification. This thesis aligns with ongoing inflows into major gold ETFs, led by the SPDR Gold Trust (GLD), whose holdings rose 0.59% this week to 1,018.89 metric tons. This marks the seventh straight week of accumulation by institutions, bringing total global ETF reserves to multi-year highs. Gold’s dual role as both an inflation hedge and a monetary hedge has regained prominence, particularly as concerns rise over the Fed’s independence following reports of political interference involving President Trump’s attempt to remove Fed Governor Lisa Cook.

Dollar Weakness and Geopolitical Instability Reinforce the Safe-Haven Bid

Gold’s rally has also been powered by escalating political risk and a weakening greenback. The standoff in Washington has frozen critical economic functions, while ongoing conflicts across Eastern Europe and the Middle East continue to amplify safe-haven flows. The spot price’s relentless climb — up nearly 50% year-to-date — mirrors capital flight from risk assets toward real stores of value. Analysts note that XAU/USD tends to rally in periods of non-recessionary uncertainty when real yields decline but nominal growth remains intact. With the U.S. Dollar Index trending downward and investors increasingly skeptical of fiscal discipline, gold has reclaimed its role as the world’s ultimate risk-off anchor.

Technical Landscape: Momentum Intact as Gold Eyes $4,000 Resistance

From a technical standpoint, gold’s trajectory remains distinctly bullish. The metal trades well above its 52-week moving average of $3,090.96, underscoring structural strength but also suggesting possible overheating. Weekly momentum remains firmly in the green, with seven consecutive positive closes, a rare occurrence historically associated with multi-month continuation phases. Technical analysts identify $4,000 as the next psychological resistance level, followed by a potential overshoot toward $4,200–$4,300 if momentum remains unchecked. The market shows no overhead resistance beyond current levels, with price action now in uncharted territory. While the rally appears extended, the absence of a weekly reversal pattern keeps the bias firmly bullish. A corrective phase could emerge if the market prints a closing reversal top, but until then, the long-term uptrend remains the dominant narrative.

Mining Equities Outperform as Sprott Gold Miners ETF (NYSEARCA:SGDM) Surges 115% in 2025

The rally in spot gold has translated into explosive performance for mining equities. The Sprott Gold Miners ETF (SGDM) has soared 115% year-to-date, doubling the performance of gold itself. The fund, which holds 37 gold majors, including Agnico Eagle Mines (NYSE:AEM), Newmont (NYSE:NEM), Kinross Gold (NYSE:KGC), and Barrick Mining (NYSE:B), offers leveraged exposure to the ongoing gold boom. As bullion prices approach $4,000, miners’ margins are expanding at their fastest pace in years. SGDM’s expense ratio of 0.5% is offset by periodic distributions — the ETF paid a $0.29 per-share dividend in December 2024, and a higher payout is likely for 2025 given the record profitability of underlying constituents. Analysts suggest that as gold surpasses new thresholds, mining stocks will continue to outperform physical bullion due to operational leverage and expanding cash flows.

HSBC, UBS, and Goldman See the Next Stage of the Gold Cycle Extending Into 2026

Investment banks remain unified in their bullish stance. HSBC forecasts that gold could trade above $4,000 in the near term, projecting continued strength through 2026 driven by fiscal uncertainty, official sector accumulation, and diversification away from the dollar. UBS anticipates a move toward $4,200, while Goldman Sachs sets a ceiling near $4,300, emphasizing that the combination of geopolitical risk and U.S. fiscal stress is likely to sustain demand well into next year. Meanwhile, macro strategists warn that if the Fed cuts rates faster than expected, the rally could overshoot targets, though slower easing might temporarily moderate the pace of gains. Despite this, both scenarios remain net-positive for gold, which thrives in environments of monetary instability and negative real yields.

Retail Participation and ETF Capital Inflows Signal a Broader Market Expansion

Retail enthusiasm has returned, particularly through gold-linked ETFs and mining funds. Data from FXEmpire shows that inflows into the SPDR Gold Trust (GLD) and other major ETFs have grown consistently since early September, while trading volume in gold futures has risen sharply. Market chatter around “$4,000 gold” has fueled speculative momentum, though analysts emphasize that the current rally is rooted in fundamentals, not hype. Investors disenchanted with crypto volatility have rotated capital into precious metals, reinforcing gold’s reputation as the ultimate hedge against both inflation and institutional instability.

Global Context: Government Shutdown and Policy Uncertainty Elevate Gold’s Strategic Role

The U.S. government’s failure to pass a funding bill has triggered its 15th shutdown since 1981, halting regulatory oversight, economic reporting, and financial research. The absence of data leaves the Federal Reserve navigating without visibility, a situation reminiscent of 2013’s shutdown but with far higher stakes given the size of today’s deficits. Markets interpret this paralysis as deeply inflationary in the medium term, as political gridlock erodes confidence in fiscal management. The resulting demand for safe-haven assets has sent both gold and silver into synchronized rallies — with silver up 2.16% this week and closing near $31 per ounce. Gold’s safe-haven dominance has become self-reinforcing, with ETF flows, central bank buying, and retail participation converging into a sustained structural bid.

Outlook and Strategic Verdict: Gold’s Momentum Unbroken, $4,000 Within Reach

All fundamental, technical, and macro indicators converge on a single theme: XAU/USD remains in a confirmed bull market. The trajectory points to $4,000 as the next milestone, with extension targets toward $4,200–$4,300 by early 2026. Volatility will remain elevated, but the underlying drivers — Fed easing, political instability, dollar weakness, and institutional accumulation — remain intact. While short-term corrections are possible given the magnitude of gains, each retracement is likely to attract renewed buying from both central banks and private funds. Mining equities, led by SGDM, provide leveraged upside as margins expand alongside bullion prices.

Verdict: Buy (Strong Bullish) — Gold remains the premier safe-haven asset of 2025. With technical structure firm, institutional flows accelerating, and macro fundamentals aligned, the path toward $4,000–$4,300 appears both achievable and sustainable.

That’s TradingNEWS

Futures are now approaching the 50-day moving average at $3.291, a level that will likely determine near-term direction. A sustained hold above this level could trigger a bounce back toward the $3.529–$3.585 resistance zone. However, failure to hold could open the door for a decline toward $3.122–$3.063, with the next key support band at $2.986–$2.938. The downside risk is heightened by seasonal weakness, as traders typically fade rallies into mild shoulder-season demand.

EIA Storage Miss Doesn’t Offset Ample Supply and Weak Demand

Despite the bullish surprise from the EIA, total storage stands at 3,561 Bcf—171 Bcf above the five-year average and 21 Bcf higher than this time last year. This reflects strong production and soft demand. BNEF data shows dry gas output hit 107.1 Bcf/d on Thursday, up 4.9% year-on-year, while Lower 48 demand dropped 4.4% to 67.9 Bcf/d. LNG exports dipped slightly to 15.3 Bcf/d. The Waha Hub cash market also hit record lows ahead of the PHP pipeline outage, underscoring regional bottlenecks.

Could Warm Weather and Strong Output Keep a Lid on Prices?

Forecasts for October 2–8 show weak national gas demand, with warm temperatures across most of the U.S. Atmospheric G2 is also calling for above-normal heat from October 12–16. This could further suppress residential and commercial heating load, keeping physical demand soft even as electricity output trends higher. The Edison Electric Institute reported a 5.96% year-over-year increase in U.S. electricity generation last week, but it hasn’t been enough to tip the demand balance meaningfully.

Market Forecast: Bearish Near-Term Outlook as Reversal Pattern Holds

The confirmed bearish reversal and seasonal low demand suggest more downside in the near term. A test of the 50-day MA near $3.291 is likely, and failure to hold that level could spark further liquidation. Until temperatures cool materially or production slows, natural gas prices are expected to remain under pressure.

More Information in our Economic Calendar.

Pullback Risks Increasing

Yet, such an extended rally also increases the likelihood of a sharper corrective move. The market has advanced with little pause, and while momentum remains supportive, the longer gold stretches away from its moving averages, the more vulnerable it becomes to mean reversion. A decisive drop below the 10-Day moving average, now at $3,805, could be the first warning that bullish momentum is beginning to weaken. Until then, the uptrend remains intact, represented by dynamic demand seen in the 10-Day line.

Fibonacci Target in Play

Gold’s advance has recently stalled near a 261.8% projection derived from a large ABCD pattern dating back several years. This long-term Fibonacci level at $3,897 has so far acted as resistance. A daily close above this week’s high of $3,897 would confirm a breakout through this resistance zone and open the door to the next projected target range between $3,969 and $4,000.

Channel Resistance Aligns with Targets

Adding to the significance of this upper range, the rising trend channel that has guided gold’s advance for months intersects near the $3,969 to $4,000 zone. This confluence of pattern resistance, Fibonacci projection, and channel resistance could represent a major technical barrier. Should gold extend into this area, traders will be closely watching for signs of exhaustion or a potential reversal.

Outlook

For now, buyers remain in charge, and the strong weekly close reinforces the bullish narrative heading into Monday. The challenge for bulls will be to sustain momentum above the 10-Day line and decisively push through the $3,897 threshold. A successful breakout could pave the way toward $4,000, while failure to hold current levels may finally trigger the deeper correction that has so far been avoided.

For a look at all of today’s economic events, check out our economic calendar.

The (silver) price declined in its last intraday trading, due to the stability of the key resistance at $47.50, attempting to gain positive momentum that might help it to recover and rise again, amid the continuation of the positive pressure due to its trading above EMA50, under the dominance of the main bullish trend on the short-term basis and its trading alongside trendline, noticing the emergence of positive overlapping signals on the relative strength indicators, after reaching oversold levels.

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Natural gas price reached $3.600 level, achieving the second suggested target in the previous report, which forced it to form quick correctional rebound, to settle near $3.440.

The intraday sideways trading is caused by stochastic exit from the overbought level, to expect providing unstable mixed trading until gathering the extra positive momentum, to ease the mission of resuming the bullish attack, and reaching extra stations that are represented by $3.710 and $3.830.

The expected trading range for today is between $3.380 and $3.600

Trend forecast: Fluctuated

Created on October 03, 2025

• Silver initially did try to rally a bit during the trading session here on Thursday but really could not hang on to the gains as the 48 dollars level continues to be a very difficult market to break above.
• With that being said, I think you have a situation where this sell off did the market some good but it’s also possible that we have further to go and we’ll just have to wait and see.

I would love to see the $45 level tested. We’ll have to wait and see whether or not that can happen. When you drill down to the hourly chart, it really shows itself as being extraordinarily negative. But now it looks like $46 is trying to hold after a plunge like we saw in the early part of the day. To be honest with you, I would expect a little bit of follow through.

Shorting is all but impossible

All things being equal. I don’t necessarily think this is a market that you’re looking to short. I think this pullback is healthy. The market, I think given enough time, we’ll try to find value somewhere at a lower level and I want to be involved in this market when it bounces. I want to see a drop and then rally a bit so I can be on the right side of the V shaped pattern.

When you look at silver, can see that it’s been straight up in the air for the most part since late August. So maybe it is time to give back a little bit of those gains. Well, to wait and see, but $45 for me is a very interesting place to be. If we break the $48 level between now and then, it could open up a move to the $50 level. But remember $50 has been attempted twice in the past and both times it was a major issue going back to the seventies. We’ve seen $50 act as a very difficult barrier.

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Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.