Market Update
US markets saw renewed rate-cut doubts after strong September jobs data, pressuring gold lower toward the 4,050 level. Oil retreated as optimism over new Russia-Ukraine peace signals raised concerns about future supply returning to the market, despite a larger-than-expected US inventory draw.
Gold
Spot gold traded near 4,082.3 dollars an ounce on Thursday, falling 0.6 percent as a stronger US labor report reduced expectations for a December Fed rate cut.
Nonfarm payrolls rose 119,000 in September, far above forecasts, pushing December rate-cut odds down toward 30 percent.
A stronger dollar further weighed on gold, making it more expensive for overseas buyers.
Despite gold hitting a record 4,381.22 dollars on October 20 and gaining 55 percent this year, the market has entered a consolidation phase.
UBS raised its mid-2026 gold target to 4,500 dollars, citing rate-cut expectations, persistent geopolitical risk and strong central-bank demand.
Gold Technical View:
The 4,100 to 4,110 zone remains key resistance. Support at 4,040 to 4,030 continues to hold. A break below may target 3,995 for fresh long opportunities. A clean break above 4,110 opens the path toward 4,150.
Today’s Gold Levels:
- Resistance: 4,100–4,130
- Support: 4,010–4,040
Crude Oil
Oil traded near 58.64 dollars a barrel, slipping as US efforts to push Russia-Ukraine peace talks boosted expectations of returning supply.
Brent dipped 0.2 percent to 63.38 dollars, while WTI slid 0.5 percent to 59.14 dollars.
US crude inventories fell 3.4 million barrels, well above expectations, yet optimism over diplomacy pressured sentiment. Analysts note Ukraine has not immediately rejected the US proposal, raising uncertainty about future sanctions timelines.
Refinery runs increased due to stronger margins and export demand, but rising gasoline and distillate inventories signaled softer end-user consumption.
Technical View:
MACD shows a bearish cross, with MA38 acting as overhead pressure. Price continues to drift lower within a controlled downtrend.
Today’s Levels:
- Resistance: 59.5–60.0
- Support: 58.0–57.5
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