Bitcoin, gold and silver price are in focus ahead of the US Federal Reserve’s FOMC Meeting on October 28. The decision is scheduled for 2:00 PM ET, followed by Fed Chair Kevin Warsh’s press conference at 2:30 PM ET.
Markets are pricing in a high chance of the Fed keeping interest rates unchanged. However, rising inflation and concerns about economic growth could make the Fed’s comments important for the next move in financial markets.
FED Rate Decision and Market Outlook
Markets are pricing in a 93.4% chance of the Fed keeping rates unchanged and a 6.6% chance of a rate hike.
Inflation remains a concern, with CPI and PPI data coming in hotter than expected. Rising energy prices are adding to inflation pressure, while weakness in the housing market, high borrowing costs and job cuts point to challenges for the US economy.
This leaves the Fed facing a difficult choice. A hawkish message suggesting more rate hikes could put pressure on stocks and cryptocurrencies. A dovish message could support a market rally but may raise concerns about inflation.
The dollar’s direction will also depend on Warsh’s comments. A stronger dollar could weigh on gold and silver, while a weaker dollar could support their prices.
Bitcoin Price Outlook Ahead of the Fed Decision
Bitcoin could face a short-term correction if selling pressure increases.
The supplied technical analysis identifies 86,400 as a key level. A break below it could push Bitcoin toward 84,420, with a deeper decline potentially reaching 80,400.
If Bitcoin holds above 86,400, the bullish outlook remains intact.
Warsh’s comments could influence Bitcoin’s direction. A dovish tone could support a rally, while signals of further rate hikes could increase selling pressure across the crypto market.
Gold Price Outlook
Gold faces selling pressure, with $4,054–$4,060 acting as a key resistance zone. If gold fails to break above this range, the next downside levels are $4,038, $4,029, $4,020 and $4,016.
If buyers defend the $4,029–$4,038 support zone, gold could recover toward $4,054–$4,060. The Fed’s policy guidance and the dollar’s reaction will be important for gold’s next move.
Silver Price Outlook
Silver could decline toward $53.87 and $53.63 if selling continues.
If silver recovers, $54.34–$54.41 is the key resistance zone to watch. Selling pressure could return if the price fails to break above this range.
However, if support holds, silver could regain upward momentum.
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