Technical analysis by KrisadaYoonaisil about Symbol PAXG on 10/30/2025

Gold struggles as Powell downplays odds of a December cut, tempering easing hopes. Technical factors 1. After last week's sharp selloff, gold has begun to consolidate and is rebounding, forming a higher swing low. This suggests the beginning of an upswing in the short-term within a broader corrective wave, which is confirmed by converging multi-period EMAs. This indicates a sideways trend and range-bound trading for a while. 2. If XAUUSD can hold above the ascending trendline, it may break the latest swing high at 4030 and advance toward 4140. 3. However, if the price fails to hold above the key support at 3900, it could signal a return to the downtrend. Fundamental factors 4. The Fed's signal of a less dovish stance may imply slower rate cuts, which would strengthen the U.S. dollar and pressure gold. 5. Meanwhile, the lack of details on trade progress after the Donald Trump–Xi Jinping meeting offered some support. 6. Over the longer term, structural problems with U.S. debt remain a supportive factor, but the Fed's tempered rate cut expectations weigh on gold in the near term, leaving the overall direction unclear. Analysis by: Krisada Yoonaisil, Financial Markets Strategist at Exness