Market Update
Gold rallied sharply on Monday, climbing back above $4100 as expectations for a December Federal Reserve rate cut strengthened. Oil also edged higher, supported by improved risk appetite while geopolitical uncertainty around a potential Russia–Ukraine peace framework limited any deeper pullback.
Gold
Spot gold jumped nearly 1.7 percent to $4111.86 per ounce as traders increased bets that the Fed could cut rates in December. U.S. gold futures for December delivery rose 0.4 percent to $4094.20.
Despite last week’s strong September jobs report, markets continued to price in a higher probability of easing as investors reassessed the economic outlook. UBS raised its mid-2026 gold target by $300 to $4500 per ounce, citing rate-cut expectations, geopolitical risks and robust central-bank demand.
Gold Technical outlook:
Gold continues to trade within a wide 4130–4000 range. With Monday’s rebound pushing support up toward 4060, analysts expect a “buy-the-dip” bias to dominate. A break above 4130 opens a path toward 4160–4180.
Today’s Gold Levels:
- Resistance: 4160–4180
- Support: 4110–4090
Oil
Oil prices rose around 1 percent on Monday, supported by broader risk appetite tied to rising Fed rate-cut expectations. Brent crude settled 1.3 percent higher at $63.37, while WTI climbed to $58.84.
Markets remain cautious on progress toward a Russia–Ukraine peace plan, which could influence future Russian export flows. Fed Governor Waller noted that current employment data could justify another rate cut, supporting demand expectations.
On the technical side, WTI remains in a weak downward channel. A decisive break below $56 would signal a deeper medium-term decline. Short-term momentum continues to favor sellers, with lower highs and persistent bearish pressure.
Today’s Levels:
- Resistance: 60.0–61.0
- Support: 57.0–56.5
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