New York Session Forex: Gold Drops as USD Holds Neutral

Session brief Neutral bias Sep 28, 2026, 13:34 UTC

Nathan BrooksUS Markets & Federal Reserve Analyst · ForexR analyst

Gold plunges 3.36% while WTI Crude Oil rallies 1.44% during the London and New York overlap. The US dollar trades mixed against major peers ahead of today's Fed speech.

US Dollar Neutral as Gold Takes Steep Losses

The US dollar shows a neutral lean across the majors during the London and New York overlap, with EUR/USD last at 1.13642 trading below its pivot at 1.13892. In the broader market, Gold takes the steepest losses, falling 3.36% on the day. WTI Crude Oil leads the gainers, up 1.44%, while Bitcoin and the Nasdaq 100 post declines of 1.18% and 0.68%, respectively.

Key Setups: EUR/USD and Gold

EUR/USD trades at 1.13642, down 0.22% with downward trends governing both the daily and 4-hour charts. As price stays below the pivot at 1.13892, the focus rests on the S1 support at 1.13681, a mark resting just above the day low of 1.13609. A reversal moving back above the pivot would be required to invalidate this structure and shift attention toward the R1 resistance at 1.14109.

Gold (XAU/USD) trades at 4141.06, navigating mixed momentum on the daily chart but a clear downtrend on the 4-hour timeframe. If the market maintains its position below the pivot at 4285.07, the outlook remains bound to the S1 support at 4254.49, a level already cleared by the day low of 4138.11. A recovery move back above the pivot would invalidate this bearish view and expose the R1 resistance at 4315.72.

Key Setups: USD/CAD and Bitcoin

USD/CAD is up 0.17% to 1.41631, supported by upward trends on both the daily and 4-hour charts. With the pivot point positioned below price at 1.41394, a sustained hold above this level keeps the path open toward the R1 resistance at 1.41538. A breakdown beneath the pivot would shift attention downward to the S1 support at 1.41252.

Bitcoin (BTC/USD) is down 1.18% on the day to 83515.95, facing mixed momentum on the 4-hour chart despite an upward daily trend. A continued hold below the pivot at 84552.97 leaves the market pointing toward the S1 support at 83964.01. Conversely, a push above the pivot would open the way to the R1 resistance at 85104.89.

Market News and US Treasury Yields

The newsflow centers on gold's decline alongside rallying oil prices and yield shifts, themes discussed by FXEmpire and Forex Live. Additionally, Forexcom highlights Bitcoin's pullback as tech futures face downward pressure. For context, US Treasury yields at the close on September 25 placed the 2-year yield at 4.81%, down 6 basis points, and the 10-year yield at 5.17%, down 1 basis point.

Economic Calendar Ahead

Looking ahead on the economic calendar, market participants are preparing for a scheduled speech by the Fed's Cook today at 17:15 UTC. This medium-impact event may offer further cues for dollar-denominated pairs.

With mixed trends across major currency pairs, the broader US dollar lean remains neutral. Market focus shifts to how key assets respond to their immediate pivots as the New York session progresses.