Market Summary (Oct 28, 2025)

We see gold caught in a sharp pullback as markets price in the immediate 25 bp Fed cut, but our macro bias remains firmly bullish: ongoing central-bank accumulation, de-dollarization trends and dovish Fed rhetoric should drive a resumption above the 4,160–4,200 area once technical structure confirms. Oil stays under pressure amid softer demand signals and sanctions fatigue, keeping it capped near the mid-$60s. In FX, a likely soft Australian CPI tonight would reinforce AUD weakness against NZD, setting the stage for further AUDNZD downside. We’ll await clear chart breakouts in gold and dovish repricing in AUD before adding exposure.