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Gold and Bitcoin Fall After Fed Chair’s Speech
After U.S. Federal Reserve Chair Jerome Powell shifted market expectations regarding a possible rate cut in December, gold prices continued to fall for the fourth consecutive session, dropping to $3,972.30 per ounce (-0.71%).
Against this backdrop, the U.S. dollar strengthened to 99.36, one of its highest levels since August, while Bitcoin—often referred to as “digital gold”—also declined. A technical analysis of XAU/USD and BTC/USDT charts helps explain the trend.
Bitcoin, often dubbed “digital gold,” has also been falling for four straight sessions, testing intraday lows below $108,000 on Thursday. As a result, BTC once again dropped below the $110,000 support zone, settling near the 200-day exponential moving average (EMA), which coincides with the 38.2% Fibonacci retracement level and a broad support zone marked by July and September lows.
According to technical analysis, gold prices have also been declining for four consecutive sessions, correcting sharply from $4,144 last Friday to $3,915 recorded yesterday. Although Thursday, October 30, 2025, saw a modest rebound of 0.8%, the precious metal remains below the psychological barrier of $4,000.
On Wednesday, a bearish pin bar formed below that psychological resistance on the daily chart — a sell signal indicating a possible deeper correction toward the $3,275–$3,441 support zone. This area is further reinforced by the 200-day EMA, suggesting that from current levels, gold could potentially decline by another 17%.
At the same time, gold still holds above its 50-day EMA, above which it has remained since early 2025. However, historically, this moving average has not provided as strong support as the 200-day EMA. The 50-day EMA is currently positioned at $3,776.45, marking the first significant technical test if the current correction continues.
See also: "Trump’s social network Truth Social enters the prediction market with Crypto.com"
