Gold price extended losses for a fourth consecutive session, trading today (Thursday), 30 October 2025, at $3,972.30 per ounce (-0.71%) after Federal Reserve (Fed) Chairman Jerome Powell walked back market expectations for a December rate cut, strengthening the dollar and pressuring precious metals.

The extended selloff has pushed gold 8.9% below last Friday's $4,144 level, with the metal testing $3,915 on Wednesday before Thursday's modest 0.8% rebound failed to reclaim the psychologically critical $4,000 threshold.

The dollar is strengthening, Bitcoin is also falling, and traders are asking why gold is down today. In this article, I conduct technical analysis of the XAU/USD and BTC/USDT charts to answer that question and review the latest gold price predictions.

Why Gold Price Is Falling Today? Fed's Powell Walks Back December Cut Expectations

The Federal Reserve's rate cut Wednesday, while expected, came with hawkish commentary that caught markets off guard. Peter Grant, VP and senior strategist at Zaner Metals, noted: "Gold had a logical reaction to Powell trying to walk back expectations for a December cut. We're already seeing Fed funds futures trimming expectations, that would be dollar positive and gold negative."

The dollar index surged to 99.36 following Powell's comments, one of the highest levels since August, as traders reduced bets on another rate cut in December. Yesterday's declines were mainly caused by dollar strengthening after the Fed's rate cut decision, which boosted the DXY index to this elevated level.

Chair Powell reads opening statement at the #FOMC press conference on October 29, 2025: https://t.co/ZDw8oqy6g3

— Federal Reserve (@federalreserve) October 29, 2025

Together with gold, Bitcoin is also falling for a fourth consecutive session, often called "digital gold," testing intraday lows below $108,000 Thursday. As a result, BTC prices are again declining below the support zone around $110,000 and stopping at the 200 EMA, combined with the 38.2% Fibonacci retracement and a broad support zone marked by July and September lows also tested in October (extending down to $105,000).

Michał Stajniak, analyst at XTB, also explained Wednesday's catalyst: "The Fed decided to cut interest rates by 25 basis points to the 3.75-4.00% range, in line with market expectations. Powell indicated during the press conference that the December decision is not certain, and opinions among FOMC members are strongly divided. EUR/USD retreated below 1.1600 after this information."

However, in my view, the dollar will weaken in the longer perspective, which will also translate into growth for both gold and Bitcoin. Nonetheless, in the short term we can see some deepened correction.

Gold Price Analysis Shows Bearish Pin Bar

According to my technical analysis, gold prices have now experienced four consecutive declining sessions, correcting significantly from the $4,144 level observed last Friday to $3,915 noted yesterday. Although Thursday, October 30, 2025 brings a modest rebound of 0.8% and a test of the $3,982 level per ounce, precious metal prices remain below the psychological $4,000 barrier.

Simultaneously, as my technical analysis shows, Wednesday drew a bearish pin bar on the daily chart under this psychological resistance, which generates a sell signal and the possibility of a stronger correction toward the support zone between $3,275 and $3,441, which I wrote about in my earlier analysis in this place. This zone is simultaneously strengthened by the 200 EMA, and from current levels gold could decline by 17%, as I mentioned in my previous gold analysis.

It's true that gold still has the 50 EMA ahead of it, above which it has moved continuously since the beginning of 2025. Historically, however, this average has not proven to be as strong support as the aforementioned 200-day indicator. The 50-day moving average currently sits at $3,776.45, representing the first major technical test if the current correction extends.

Bitcoin Correlation Highlights Risk-Asset Weakness

Unlike gold, on the BTC/USDT chart I would expect a chance for a rebound and, in the medium term, a return to the vicinity of the ATH around $126,000, which would certainly also help gold. For that matter, on gold, like analysts at major banks, I also forecast a return to the price discovery phase in the medium term.

The parallel weakness in both gold and Bitcoin, each declining for four consecutive sessions, highlights a broader risk-asset rotation rather than isolated precious metal weakness. Bitcoin testing support below $110,000 and finding buyers at the 200 EMA zone suggests digital assets face similar technical pressure as traditional safe-havens.

Why am I mentioning Bitcoin when talking about gold? Among other reasons, because in recent days the two have been moving in tandem, a trend seen especially when gold posted its sharpest one-day drop since 2020.

The correlation between these assets typically strengthens during periods of dollar strength, as witnessed following Powell's hawkish Wednesday comments. Volume in gold futures surged to 64,749 contracts, 34 times the average of 1,879, indicating heavy institutional selling pressure and potential capitulation among leveraged traders.

Gold Price Prediction: Long-Term Institutional Forecasts Remain Bullish

Despite the near-term bearish technical setup, major financial institutions maintain aggressively bullish medium-term forecasts. JP Morgan projects gold averaging $5,055 per ounce by Q4 2026, a 27% premium to current $3,972 levels, while Goldman Sachs targets $4,900 by December 2026, representing 23% upside.

These institutional forecasts provide important context for the current 4-day decline. While technical indicators suggest potential for further near-term weakness toward the $3,776 or even $3,275-$3,441 support zones, the strategic outlook remains positive based on structural demand drivers that transcend short-term Fed policy uncertainty or dollar strength.

Morgan Stanley recently revised its 2026 forecast upward to $4,400 per ounce, while Metals Focus sees gold reaching $5,000 in 2026 as uncertainty persists across global markets. The convergence of these bullish institutional views, all significantly above current spot prices, suggests sophisticated analysts view the correction as a buying opportunity rather than the start of a prolonged bear market.

Before you leave, please also check my previous analysis with Bitcoin and gold price predictions:

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Gold Price Analysis, FAQ

Why is gold falling for 4 days straight?

Gold declined fourth consecutive session to $3,972.30 (-0.71% Thursday, -4.14% from Friday $4,144) triggered by Federal Reserve Chair Powell walking back December rate cut expectations during Wednesday press conference, strengthening dollar to 99.36 (highest since August), with Peter Grant (Zaner Metals) noting "Powell trying to walk back expectations for December cut" proving "dollar positive and gold negative," while bearish pin bar formed under $4,000 resistance generating technical sell signal.

Is gold crash over or will it continue declining?

No. According to my technical analysis, Wednesday's bearish pin bar under $4,000 psychological resistance generates sell signal with potential 17% downside toward $3,275-$3,441 support zone (200 EMA confluence), though 50 EMA at $3,776 represents first major test, with RSI remaining elevated suggesting correction incomplete, but everything above 200 EMA maintains uptrend definition and JP Morgan/Goldman Sachs forecasts $4,900-$5,055 by 2026 viewing weakness as buying opportunity.

How low will gold prices go in 2025?

My technical analysis identifies first downside target at 50-day EMA $3,776.45 (5% below current $3,972), with main support zone $3,275-$3,441 coinciding with 200-day EMA $3,316 representing 17% decline potential, though volume surge to 64,749 (34x average) suggests capitulation may be approaching, while long-term forecasts remain bullish with Trading Economics $4,157 Q4 2025, Goldman Sachs $4,900 Dec 2026, JP Morgan $5,055 Q4 2026.

Why are Bitcoin and gold both falling?

Bitcoin declined fourth consecutive session testing below $108,000 alongside gold's parallel weakness, with both assets pressured by dollar strength (DXY 99.36 after Powell's hawkish comments) indicating broad risk-asset rotation, though my analysis expects Bitcoin chance for rebound toward $126,000 ATH in medium term which would help gold, as longer perspective dollar weakness from Fed easing bias and fiscal deficits will translate into growth for both gold and Bitcoin.