On Wednesday, spot gold traded near 4209 dollars per ounce, retreating from a six-week high as investors locked in profits after a strong recent rally. WTI crude traded near 58.67 dollars per barrel, falling more than 1 percent as markets weighed uncertain Russia-Ukraine peace prospects against persistent oversupply concerns.
Gold
Gold pulled back on Tuesday after hitting a six-week high the previous session, dropping more than 1 percent as traders took profits following the sharp upside stretch.
Spot gold fell 1.1 percent to 4186.89 dollars per ounce, while COMEX February gold futures slipped 1.3 percent to 4220.80 dollars per ounce.
Analysts said the correction does not change the broader bullish outlook. Zaner Metals Vice President Peter Grant noted that the pullback is “just profit-taking,” and the key driver remains intact: expectations of Fed rate cuts. He expects gold to target 5000 dollars early next year. Currently, markets assign an 89 percent probability of a 25 basis point cut at next week’s Fed meeting.
Investors are watching major US data releases, including Wednesday’s ADP jobs report and Friday’s delayed September PCE inflation data, the Fed’s most-watched inflation gauge, which could offer clearer guidance on the rate path.
Long-term demand support remains solid. According to the World Gold Council, global central banks bought a net 53 tons of gold in October, up 36 percent month-on-month, marking the highest monthly net inflows since early 2025.
Gold Technical Outlook
Gold opened weaker on Tuesday and drifted lower through the European session toward the 4180 area. The move reflects fading short-term momentum after recent gains, with no fresh fundamental catalysts to push prices higher.
Based on the current daily and hourly structure, gold still carries a corrective bias into the evening session. Since intraday downside has already occurred, any further pullback may be limited. Price is showing minor breaches below the 5-day moving average near 4195, suggesting the market may slip toward the lower trendline region, consolidating below 4230 while testing 4210.
If gold remains trapped around 4180–4195 in a tight range, the odds of a deeper correction on Thursday increase, potentially targeting 4150, which aligns with the 10-day moving average.
Today’s Gold Levels
Strategy: Prefer selling rallies, buying dips cautiously.
Resistance: 4230–4250
Support: 4190–4170
Crude Oil
Global oil prices fell more than 1 percent on Tuesday as markets weighed uncertain prospects for a Russia-Ukraine peace breakthrough against persistent oversupply concerns.
Brent crude settled 1.14 percent lower at 62.45 dollars per barrel, while WTI crude lost 1.15 percent to 58.64 dollars.
Investors are closely watching peace negotiations. President Putin met with President Trump’s envoy in Moscow on Tuesday. If progress is made, restrictions on Russian energy exports could eventually be eased. However, the outlook is highly uncertain. Before the meeting, Putin threatened to cut Ukraine’s maritime access, raising fears that hopes for peace could collapse and energy infrastructure attacks could escalate.
Oversupply worries continue. However, recent strikes on Russian facilities and rising US-Venezuela tensions have partially offset the bearish pressure. Over the weekend, Trump ordered US airspace closures around Venezuela, injecting new uncertainty into export flows from the major oil producer.
Technical Outlook
On the daily chart, oil remains in a secondary downtrend, with three consecutive bearish candles heading toward the 56 support region. MACD remains in a bearish crossover below the zero line. A confirmed break below 56 could trigger a medium-term downtrend.
Short-term (1H), crude is in a high-volatility consolidation, frequently whipsawing around its moving averages. Despite the choppy action, the primary trend bias remains upward. MACD is near a bullish crossover from the zero line, indicating building upside momentum. Odds favor another push higher today.
Today’s Levels
Strategy: Prefer buying dips, selling rallies as secondary approach.
Resistance: 60.0–61.0
Support: 57.5–56.5
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