On Wednesday, spot gold traded near $4,491/oz on Tuesday, supported by rising safe-haven demand, expectations of a weaker US dollar, and falling interest rate expectations. Gold edged closer to the $4,500/oz milestone.
Meanwhile, WTI crude traded around $58.47/barrel, extending its recent gains as markets weighed strong US economic data supporting demand against geopolitical supply risks tied to Venezuela and Russia.
Gold
Precious metals extended their strong rally on Tuesday, with prices across the complex reaching fresh record highs. Spot silver surged 3%, decisively breaking above the $70/oz psychological level and hitting a record high of $71.08/oz. Year-to-date, silver has now gained an impressive 145%.
Spot gold rose 0.8%, reaching an intraday record of $4,497.55/oz.
Analysts noted that silver’s historic rally is driven by a persistent five-year supply-demand deficit and steadily rising industrial demand. Safe-haven flows, expectations of a softer US dollar, and lower interest rates have added further momentum.
Zaner Metals strategists highlighted $75/oz as the next potential target for silver, while cautioning that profit-taking toward year-end could trigger short-term pullbacks.
Other precious metals also posted strong gains. Platinum surged 6.4% to $2,255, while palladium jumped 5.7% to $1,859.38, marking a three-year high. Both metals, widely used in automotive catalytic converters, benefited from improving industrial demand prospects.
A combination of dollar weakness, geopolitical tensions, expectations of US rate cuts, ongoing central bank gold purchases, and strong investment demand continues to provide solid support for the broader precious metals market.
Gold Technical Outlook
At present, markets lack a clear fundamental directional catalyst, yet prices continue to surge aggressively, largely driven by extreme speculative sentiment. While the trend appears strong, underlying risks are difficult to assess. Traders are advised to remain patient and wait for clear pullback opportunities.
Trading approach:
If price action allows, consider buying on a pullback toward $4,430, with a stop near $4,410 and upside targets toward $4,500.
If no pullback materializes, conservative traders may remain on the sidelines. Further strategy adjustments may be considered after the release of US GDP data, depending on market reaction.
Gold Key Levels to Watch
Resistance: 4,480–4,500
Support: 4,430–4,410
Oil
Oil prices extended gains on Tuesday as markets balanced stronger US economic data supporting demand against rising geopolitical risks that could disrupt supply from Venezuela and Russia.
Brent crude settled up 2.7% at $62.07/barrel, while WTI crude rose 2.6% to $58.01/barrel.
UBS analysts noted that markets had previously downplayed risks linked to US enforcement actions, but recent interceptions have renewed concerns over potential disruptions to Venezuelan oil exports. Rising geopolitical tensions are now providing key short-term support for oil prices.
At the same time, diplomatic efforts to end the Russia–Ukraine conflict continue. A US envoy stated that recent talks between the US, Europe, and Ukraine in Florida were “productive,” though Russia responded that revisions to US proposals by Ukraine and Europe have not improved the prospects for peace.
Technical Outlook
From a daily chart perspective, oil prices entered a consolidation phase near $54.80, with candles alternating between gains and losses. The moving average structure remains bearish, keeping medium-term downside pressure intact.
However, on the 1-hour chart, prices found support near the lower end of the range and staged a modest rebound, breaking above moving average resistance and reaching the $57 area. Short-term momentum has turned constructive, and further upside continuation remains possible.
Key Levels to Watch
Resistance: 59.0–60.0
Support: 56.5–55.5
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