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Silver prices (XAG/USD) fell on Wednesday, according to FXStreet data.

The National Bank of Hungary, as expected, left rates at 6.50%. Forward guidance remained hawkish and changed only in details.

It seems that the US administration has at least recognized that inflation data for the third quarter is necessary to calculate social security benefits for the coming year.

Gold hit a low of $4,004 in Asia trading before finding dip buyers and that saw price rebound strongly to an intraday high of $4,161 just a couple of hours earlier. But as we progress through the early stages of European morning trade, we’re seeing price fall back to $4,068 now with the precious metal down just over 1% on the day. The volatility bouts are continuing to kick in here as the tug of war between buyers and sellers are intensifying. As mentioned earlier, the coast isn’t clear just yet.

This article was written by Justin Low at investinglive.com.

Spot Gold prices came under significant pressure yesterday, with the market settling 5.3% lower on the day. This downward pressure has only continued in early morning trading in Asia today.

Baidu’s Apollo Go robotaxi unit plans to begin tests in Switzerland this year, with the aim of launching a public-facing service by the first quarter of 2027.

Cable is trading down to session lows now, dropping by 0.4% to 1.3316 on the day. That’s a fall to one-week lows as sterling is paying the price for a softer set of UK inflation numbers in September here. This comes as traders are stepping up bets for a BOE rate cut after the data.

A move in November is still ruled out but December has gotten a whole lot interesting. Before this, traders were pricing in roughly 11 bps of rate cuts by year-end but that has now climbed to about 18 bps. A full 25 bps rate cut is now priced in for February next year, brought up from March next year instead.

Softer UK data in the weeks ahead will definitely see traders heavily consider a move in December and that will be something to be wary about.

As for the pound, GBP/USD has now dropped under its 200-hour moving average (blue line) this week. And that sees sellers now establish a more bearish near-term bias in the pair. The recent lows around 1.3250-60 is the next key region to watch before 200-day moving average comes in at around 1.3212 currently.

This article was written by Justin Low at investinglive.com.

The September UK inflation reading released this morning is sending a dovish signal to the Bank of England and weighing on the pound.

Fundamental
Overview

The S&P 500 recovered all
the losses as the de-escalation that ensued soon after Trump’s threat of
massively increasing tariffs on China gave the bulls a good reason to keep
piling into the market.

The baseline expectation is
for US and China to reach some kind of a deal before the November 1st
deadline. If that doesn’t happen, then we can expect the deadline to be
postponed keeping the negotiations going.

Everybody knows that 155%
tariffs on China would be a suicide for both, so it’s kind of an empty threat.
Nevertheless, we could still see the markets selling off in case things go
south and Trump decides to impose those tariffs. It’s a very low risk, but still
a risk.

On Friday, the BLS will
release the US CPI report despite the shutdown since it’s crucial for social security
benefits adjustment required by November. The data won’t stop the Fed from
cutting rates in October, but it could trigger a hawkish repricing in case we
get an upside surprise.

S&P 500
Technical Analysis – Daily Timeframe

On
the daily chart, we can see that
the S&P 500 bounced around the major trendline a couple of times and
eventually rallied back into the recent highs. We
can expect the sellers to step in around these levels with a defined risk above
the all-time high to position for a drop back into the trendline. The buyers,
on the other hand, will want to see the price breaking higher to increase the
bullish bets into the 7,000 level next.

S&P 500 Technical
Analysis – 4 hour Timeframe

On
the 4 hour chart, we can see that
we have a key support zone around the 6,760 level where the price got rejected
from several times in the past weeks. We can expect the buyers to continue to
lean on that support with a defined risk below it to keep pushing into new
highs, while the sellers will look for a break lower to target a pullback into
the major trendline.

S&P 500 Technical
Analysis – 1 hour Timeframe

On the 1 hour chart, there’s
not much else we can add here as the buyers would be better off stepping in
around the support, while the sellers should wait for a downside breakout. The
red lines define the average daily range for today.

Upcoming
Catalysts

On Friday, we will get the US CPI report and the US flash PMIs.

This article was written by Giuseppe Dellamotta at investinglive.com.

United Kingdom DCLG House Price Index (YoY): 3% (August) vs 2.8%