On Thursday, spot gold traded near 4167.57 dollars per ounce, extending its rally and climbing to a more than one-week high as markets strengthened their expectations for a Federal Reserve rate cut next month.
WTI crude traded near 58.50 dollars per barrel, inching up from a one-month low as investors weighed oversupply concerns against progress in Russia-Ukraine peace talks ahead of the Thanksgiving holiday.
Gold
Gold extended its gains on Wednesday, climbing to over a one-week high on stronger expectations that the Federal Reserve will cut rates in December.
Spot gold rose 0.8 percent to 4162.99 dollars per ounce after hitting its highest level since November 14.
US gold futures for December delivery settled at 4165.20 dollars, up 0.6 percent.
Rate-cut expectations remain the primary driver.
According to CME FedWatch, markets now price in an 85 percent chance of a December rate cut, sharply higher than around 30 percent one week ago.
Analysts noted that even with the US dollar holding steady, “the market’s focus has shifted from the dollar to December’s rate decision,” helping gold maintain momentum.
Deutsche Bank raised its 2026 gold price outlook from 4000 to 4450 dollars per ounce, citing stable investor flows and strong central-bank buying. Most major institutions now expect gold to remain above 4000 dollars per ounce in 2026.
Gold Technical outlook:
Based on the one-hour chart, gold is expected to continue trading within a high-level consolidation zone.
Downside support remains at the 5- and 10-day moving averages near 4110-4100, while initial resistance sits at 4170-4180.
A push toward 4200 will require both technical strength and renewed fundamental catalysts.
However, holiday-related volatility later in the week adds uncertainty.
Today’s Gold Focus:
Trading is expected to favor buying dips, with short-term selling on rebounds.
- Upside resistance: 4165-4180
- Downside support: 4120-4100
Crude Oil
Oil prices edged higher from a one-month low on Wednesday as investors evaluated oversupply risks while tracking progress in Russia-Ukraine peace negotiations.
Brent crude futures rose 1.04 percent to 63.13 dollars per barrel; WTI gained 1.21 percent to 58.65 dollars.
US EIA data showed US crude inventories unexpectedly surged by 2.8 million barrels last week to 426.9 million barrels, far above the expected 55,000-barrel increase.
John Kilduff of Again Capital commented: “We are heading toward a fairly healthy oversupply, that’s undeniable.”
However, rising expectations for a December Fed rate cut helped limit further declines.
Baker Hughes reported that US active oil rigs fell by 12 to 407, the lowest since September 2021.
Three OPEC+ sources said the group may keep output unchanged at its Sunday meeting.
Investors continue to watch Russia-Ukraine developments.
US President Trump has instructed his envoys to meet separately with Russian President Putin and Ukrainian officials.
Ukrainian officials noted President Zelensky may travel to the US in the coming days to finalize terms of a deal.
Technical outlook:
On the daily chart, crude remains in a secondary downtrend, with three consecutive bearish candles testing the 56-dollar support region.
MACD is forming a bearish crossover below the zero line, signaling building downside momentum.
On the 1H chart, oil is retesting the 57.00 area, repeatedly crossing major moving averages and entering a choppy, range-bound structure.
Momentum remains mixed, suggesting range trading is likely.
Today’s Focus:
Trading is expected to prioritize selling on rebounds, with buying near key support.
- Upside resistance: 59.5-60.5
- Downside support: 57.0-56.0
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