On Thursday, spot gold traded near 4206.67 dollars per ounce, holding steady after Wednesday’s session. Silver surged to a fresh record high at 58.95 dollars per ounce, boosted by weaker US private employment data that strengthened rate-cut expectations. WTI crude traded around 59 dollars per barrel, with prices closing higher as US-Russia talks on ending the Ukraine war failed to produce a breakthrough, reducing the likelihood of sanctions relief on Russia’s oil sector.
Gold
Gold prices were steady on Wednesday, while silver climbed to another record high, supported by softer US private employment data that lifted market expectations for interest rate cuts.
Spot gold traded at 4202.06 dollars per ounce, little changed on the day after touching an intraday high of 4241.29 dollars. February gold futures rose 0.3 percent to settle at 4232.50 dollars.
Spot silver hit a historic high of 58.95 dollars before stabilizing. Analysts noted that silver’s powerful rally, more than doubling so far this year, has provided additional support for gold. Silver continues to be driven by supply shortages, liquidity concerns, and its inclusion on the US critical minerals list. Platinum and palladium also saw modest gains.
Gold Technical Outlook
Gold traded in a “spike-and-fade” pattern on Wednesday, oscillating between 4194 and 4241 dollars as market indecision intensified. No clear trend emerged, with price action consolidating at elevated levels.
Gold remains above the 5-day moving average, with 4200 dollars acting as key short-term support. Resistance lies in the 4245 to 4250 dollar region. Multiple upside attempts failed to break resistance, reinforcing a high-range consolidation pattern. Non-commercial net long positions in COMEX gold futures also slipped slightly, reflecting a rise in market caution.
Gold has yet to establish a clear direction after pulling back from 4264 dollars, and short-term price action is expected to remain in a “shallow pullback, slow grind” structure.
Today’s Gold Levels
Bias: Sell the rallies first, buy dips second.
Resistance: 4230 to 4250
Support: 4190 to 4170
Crude Oil
Oil prices closed higher on Wednesday, supported by the lack of progress in US-Russia talks aimed at ending the Ukraine conflict. The absence of a breakthrough reduced the likelihood of sanctions relief on Russia’s oil sector, limiting expectations of increased supply.
Brent crude rose 0.4 percent to 62.67 dollars per barrel. WTI crude gained 0.5 percent to 58.95 dollars.
However, rising inventories capped the upside. EIA data showed US crude, gasoline, and distillate stockpiles all increased more than expected last week, underscoring abundant supply. Traders noted that geopolitical risk provided support, but overall global supply remains ample, leaving the market in a tight and cautious trading environment.
Technical Outlook
Crude oil continues to trade in a secondary downtrend. Price action is repeatedly testing the 56-dollar region. MACD remains below zero, with bearish momentum showing signs of strengthening. A confirmed breakdown below 56 dollars would shift the medium-term trend decisively lower.
On the 1-hour chart, crude is turning lower again, pressured by descending moving averages. MACD has crossed below zero and is widening, signaling bearish momentum dominance. The short-term expectation favors continued downward movement.
Today’s Levels
Bias: Buy dips first, sell rallies second.
Resistance: 60.5 to 61.5
Support: 57.5 to 56.5
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