Global markets remain mixed
Global markets, the upward trend that has been in effect for some time due to expectations of a de-escalation in US-China tensions, appears to have encountered profit-taking this morning. Investors are showing some caution ahead of tomorrow's announcement of the US Federal Reserve's (Fed) monetary policy decisions, and a 25 basis point interest rate cut is widely expected. Money markets are pricing in a total 50 basis point rate cut at the Fed's two meetings this year. The monetary policy statement and Fed Chair Jerome Powell's post-meeting remarks are also expected to influence market direction. Meanwhile, US President Donald Trump's Asian tour is being closely watched, with investors focusing on the upcoming meeting with his Chinese counterpart and the outcome of the meeting. Domestically, sales were predominant yesterday, and markets will be closed for a half-day of trading today due to Republic Day, October 29th.

XAU/USD
The signing of a preliminary framework agreement in US-China negotiations and the planned Trump-Xi meeting on Thursday are dampening safe-haven demand. Yesterday, the downward trend in gold, which includes numerous risk factors in pricing, regained momentum. US consumer confidence data will be the focus today, and tomorrow's Fed interest rate decision will be closely watched. While the market anticipates a 25 basis point interest rate cut from the Fed, Fed Chair D. Trump's messages will be crucial. Gold is trading around 3.975$ as of 08:00 this morning. Technically, selling pressure may continue below 4.004$. In this context, the 3.944$, 3.895$, 3.853$, and 3.820$ levels can be monitored as support. In upward movements, 4.004$ – 4.050$ – 4.097$ – 4.138$ and 4.161$ levels can be monitored as resistance.

XAG/USD
Ons altınla birlikte gümüşte de düzeltme eğilimi sürüyor. Kısa vadede 47,00 destek olarak öne çıkıyor. Son aylarda dolar bazında yaklaşık %50 oranında
Following the strong price appreciation, technical indicators point to potential profit-taking. If the upward movement continues, the first resistance level stands at 48.70$.

Brent Crude Oil
The preliminary framework agreement in trade negotiations between the US and China and the fact that the Trump-Xi meeting will take place on Thursday are positive for oil demand. On the oil supply side, sanctions against Russia are supporting prices, while recent statements regarding Venezuela are also being followed on the supply side. Meanwhile, the Fed is preparing to cut interest rates by 25 basis points tomorrow. Fed Chair J. Powell's messages will be closely watched. Brent crude is in a downward trend around 64.75$ as of 08:00 this morning, amid news flows indicating that OPEC+ countries will move towards another small production increase. In the technical view, resistance levels for Brent crude are 65.00$, 65.58$, 65.76$, and 66.01$. 64.37$ – 63.94$ – 63.40$ – 62.86$ and 62.19$ levels can be watched as support.

Dollar/TL
The seasonally adjusted real sector confidence index in Turkey increased by 1.2 points to 102.00 in October. The seasonally adjusted manufacturing sector capacity utilization rate increased by 0.2 points to 74.0 percent. The Financial Stability Committee meeting in Turkey was held yesterday, and consumer loans and credit
It was reported that the steps taken to date regarding card restructurings were being evaluated and that potential future steps were being considered. Data flow in the US remained calm, with limited impact on pricing. There is no significant domestic data flow today. The US consumer confidence index will be monitored. The USD/TRY exchange rate is around 41.96 as of 8:00 this morning. The dollar index is hovering around 98.57.

Euro/Dollar
On the first trading day of the week, Ifo business confidence in Germany, Europe's largest economy, was announced at 88.0, its highest level since 2022. This rise strengthened expectations that Europe's largest economy has emerged from a two-year contraction. The American Federation of Government Employees (AFGE), which represents federal employees in the US, called for an end to the ongoing government shutdown stemming from a budget dispute. The US and Japan signed a cooperation agreement for critical minerals, while optimistic expectations for the US-China meeting remain. The 25 basis point reduction for tomorrow's Fed meeting is reflected in pricing, while resistance levels for the pair are 1.1696, 1.1730, and 1.1760, while support levels to watch are 1.1642, 1.1620, and 1.1588.

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