On Friday, spot gold traded around $4,336/oz after edging lower on Thursday. Softer-than-expected US inflation data reduced gold’s appeal as an inflation hedge, though rising unemployment helped limit downside pressure. Meanwhile, US crude traded near $56/bbl, as markets weighed growing supply risks linked to Russia–Ukraine talks and the Venezuela situation.
Gold
Gold prices slipped modestly on Thursday as markets digested the latest US inflation data. November CPI rose 2.7% year-on-year, below expectations of 3.1%, weakening gold’s role as an inflation hedge. However, rising unemployment provided support and capped losses.
By the close, spot gold fell 0.2% to $4,330.39/oz. Analysts noted that faster-than-expected disinflation reduced demand for gold as “inflation insurance,” weighing on prices. Still, the broader bullish trend remains intact. Some strategists have raised upside targets to $4,515, with $5,000 still viewed as a valid long-term objective.
Spot silver pulled back 1.5% to $65.30/oz after hitting a record high of $66.88/oz. Platinum and palladium outperformed, with platinum rising 1.2% to a more than 17-year high, while palladium surged 3.7% to its highest level in nearly three years. Analysts noted that momentum is rotating from silver into platinum, supported by strong demand fundamentals.
Gold Technical Analysis
On the daily chart, gold remains firmly above the $4,300 level. The 5-day, 10-day, and 20-day moving averages are aligned in a bullish formation, while MACD remains in positive territory with expanding momentum bars, confirming a solid bullish structure.
Key short-term support has shifted higher to the $4,330–4,320 zone, which now represents the recent consolidation base. A break below this area could trigger short-term profit-taking. On the upside, resistance is focused near the prior high at $4,381. A clear break above this level could open the way toward $4,400–4,450.
In the near term, traders may consider range-based strategies between $4,320 and $4,370, remaining cautious about chasing prices higher, as gold has yet to firmly stabilize above the former $4,350 resistance. Short-term pullbacks remain a risk.
Today’s Gold Focus:
Trading bias favors buying on dips, with selling into rallies as a secondary approach.
- Resistance: 4,355–4,375
- Support: 4,310–4,290
Crude Oil
International oil prices edged slightly higher on Thursday as markets assessed growing supply-side risks tied to Russia–Ukraine peace talks and developments in Venezuela.
Brent crude settled 0.2% higher at $59.82/bbl, while US crude rose 0.4% to $56.15/bbl.
Geopolitical risk remained in focus. According to Bloomberg, the US is preparing a new round of sanctions targeting Russia’s energy sector should Moscow reject a peace agreement. At the same time, President Trump stated that negotiations aimed at ending the war are “close to progress,” with US and Russian officials set to meet over the weekend.
In Venezuela, although the state oil company partially resumed loading operations after a cyberattack, US blockades on sanctioned tankers have left most exports stalled. Analysts warned that prolonged disruptions could force production shutdowns if exports remain blocked.
Technical Analysis
From a daily-chart perspective, oil remains in a secondary consolidation phase, with four consecutive bearish candles and a break below the key $56 medium-term support level. Moving averages remain in a bearish alignment, signaling continued downside risk. A sustained break below support would confirm a broader medium-term downtrend.
On the short-term chart, oil has staged a rebound, briefly reclaiming key moving averages, suggesting a consolidation phase rather than a clear trend reversal. MACD has crossed above the zero line, indicating improving bullish momentum, though upside potential appears limited.
Overall, crude may continue to rebound modestly, but gains are likely capped unless supply risks escalate further.
Today’s Focus:
Trading bias favors selling into rallies, with buying on dips as a secondary strategy.
- Resistance: 57.0–58.0
- Support: 54.5–53.5
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