FxPro review: Market outlook highlights rising global gold demand
Gold prices have shown unexpected resilience in recent weeks, managing to remain above critical technical levels despite a stronger U.S. dollar, rising Treasury yields, and fading expectations of a Federal Reserve rate cut in December.
According to FxPro’s latest market commentary, the precious metal’s ability to avoid a deeper downturn reflects shifting investor behavior, robust demand from central banks, and renewed interest in gold-backed ETFs.
Central bank buying and ETF demand support gold
FxPro highlights that macroeconomic uncertainty continues to shape the gold market. The probability of a Fed rate cut in December has fallen sharply to 32%, limiting bullish catalysts. Yet gold has remained relatively stable, resisting downward pressure from U.S. monetary policy signals.
The physical market, however, is offering strong support. According to Goldman Sachs, global central banks purchased 64 tonnes of gold in September, tripling August’s total. This substantial accumulation reinforces gold’s role as a strategic reserve asset amid geopolitical and currency-market risks.
Institutional demand is also rising. TD Securities reports growing interest in gold ETFs from large investors, while UBS has raised its 2026 gold-price forecast by $300 to $4,500 per ounce. Meanwhile, a Bank of America survey finds that 26% of respondents expect gold to outperform commodities and currencies over the coming year.
Technical structure still intact—but risk remains
FxPro analysts note that last month’s sharp correction likely ended gold’s three-year rally. Still, the metal has been trading above its key 50-day moving average, a trendline bulls are defending strongly. Earlier in 2025, similar macroeconomic challenges pushed prices sharply lower, but market reactions have shifted.
If gold falls below the 50-day moving average, FxPro warns, the dominant market structure could change quickly, potentially opening the door to deeper declines. For now, the metal’s ability to shrug off a stronger dollar and geopolitical developments—such as new momentum in peace negotiations over Ukraine—suggests a more resilient investment landscape.
About FxPro
FxPro is a global broker known for its in-depth market research, advanced trading platforms, and comprehensive suite of tools for forex and commodities traders. The firm’s analytical reports provide clients with timely insights into macroeconomic trends and price action across major asset classes.
We have previously highlighted that FxPro expands global access with TradingView integration.
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