On Tuesday, spot gold traded near 4210 dollars per ounce, firming ahead of the highly anticipated Federal Reserve interest rate decision. Silver stole the spotlight, surging 4.2 percent and breaking above 60 dollars for the first time in history. Crude oil traded near 58.40 dollars per barrel, pressured by progress in Russia–Ukraine peace talks, ample supply, and caution ahead of the Fed meeting.
Gold
Precious metals strengthened broadly on Tuesday as markets positioned for the upcoming Federal Reserve rate decision. Spot gold rose 0.5 percent to 4208.83 dollars per ounce, with traders widely expecting a rate cut.
Silver delivered the standout move, jumping 4.2 percent and breaking decisively above the 60 dollar level for the first time, closing at 60.59 dollars. Analysts attribute silver’s explosive momentum to strong industrial demand from solar, EVs, data centers, and AI, combined with ongoing supply tightness, falling inventories, and expectations of Fed easing.
Platinum and palladium also advanced, rising 3 percent and 2.7 percent respectively.
Attention now turns to the December Fed meeting. According to CME’s FedWatch tool, traders assign an 87.4 percent probability to a 25 basis point rate cut. Meanwhile, stronger-than-expected October job openings highlighted continuing labor-market resilience, increasing interest in the Fed’s guidance on future policy.
Gold Technical outlook:
Gold posted a small bearish candle on Tuesday, closing right at the 10-day moving average and failing to confirm a downside break. Intraday price action dipped toward 4170 before rebounding sharply, reflecting intense tug-of-war between bulls and bears at elevated levels. With the Fed decision and Powell’s press conference arriving at 3 AM Thursday, volatility is expected to expand significantly. Historically, gold often sells off briefly on a “buy the rumor, sell the fact” reaction after a rate cut, potentially creating a better dip-buying opportunity.
Today’s Gold Outlook
Bias: Buy dips, sell rebounds.
Resistance: 4230 – 4250
Support: 4190 – 4170
Crude Oil
Oil prices fell for a second straight session on Tuesday as markets focused on Russia–Ukraine peace talks, ample global supply, and the upcoming Fed announcement.
Brent crude slipped 0.88 percent to 61.94 dollars per barrel. WTI fell 1.07 percent to 58.25 dollars.
Markets are watching negotiations that could potentially end the Russia–Ukraine war. A breakthrough could remove sanctions and release additional Russian supply, pressuring prices. Supply concerns remain elevated following Iraq’s restart of production at a major oil field.
Although a Fed rate cut typically supports energy demand, analysts expect limited short-term benefit. With traders cautious ahead of the decision, oil is likely to remain range-bound in the near term.
Technical outlook:
Daily price action shows ongoing secondary consolidation, with candles alternating direction and gradually retesting the 56-dollar zone. MACD remains weak near zero, reflecting soft bearish momentum. On the 1-hour chart, oil has reversed from its uptrend channel, broken below the key 60-dollar psychological level, and entered a short-term downtrend. Weak consolidation at the lows suggests further downside risk today.
Today’s Outlook
Bias: Sell rebounds, buy dips cautiously.
Resistance: 59.5 – 60.5
Support: 57.0 – 56.0
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