
Gold
On Tuesday, heightened demand for safe-haven assets due to uncertainties surrounding the US elections and the ongoing Middle East conflict drove gold to a new all-time high, briefly nearing the $2,750 level. By the close, gold had gained 1.06%, settling at $2,748.55 per ounce.
Despite the US dollar strengthening for a second consecutive day and the 10-year Treasury yield climbing to a three-month high of 4.223%, safe-haven buying sustained gold’s upward momentum.
Concerns about potential interest rate cuts by major central banks globally also bolstered the appeal of holding gold.
With the US elections just around the corner, the race remains tight. A recent six-day poll showed a narrow lead for Harris, similar to the previous Reuters/Ipsos poll, with Harris at 45% and his opponent at 42%, indicating a highly contested election just two weeks away.
On the geopolitical front, Israel confirmed on Tuesday that it had killed Hezbollah leader Hassan Nasrallah’s successor, Hashem Safieddine. Nasrallah was previously killed in an Israeli attack. The IMF also warned that while global financial risks appear controlled, loosening monetary policy could fuel asset bubbles, and markets may be underestimating the risks from military conflicts and the upcoming elections.
Key Focus for Today: Investors should keep an eye on geopolitical developments, the release of the Federal Reserve’s Beige Book, and speeches from Fed officials, including Bowman.
Gold Technical Analysis:
Gold saw a strong rally on Tuesday, opening at $2,719.5 per ounce, briefly pulling back before resuming its upward trajectory. After surpassing Monday’s high, the rally accelerated, with gold reaching an intraday peak of $2,748.8. It closed the day with a solid bullish candle, signaling further upside potential.

Today’s Focus:
Today’s strategy suggests focusing on pullbacks for long positions, with shorts considered only if key support breaks.
- Resistance: $2,760-$2,780
- Support: $2,735-$2,725
Oil
Oil prices extended their rally on Tuesday, driven by ongoing tensions in the Middle East and growing concerns about global supply. WTI November futures rose by $1.53, or 2.17%, to settle at $72.09 per barrel, while Brent December futures gained $1.75, or 2.36%, closing at $76.04 per barrel.
Despite US efforts to mediate a ceasefire, tensions between Israel and Iran remain high. US Secretary of State Antony Blinken met with Israeli Prime Minister Benjamin Netanyahu, marking their first significant push for a ceasefire since the killing of a Hamas leader by Israeli forces last week.
Rebecca Babin, a senior energy trader at CIBC Private Wealth, highlighted the tug-of-war between ceasefire expectations and fears of escalation, noting the market’s instability. Traders are operating with lower risk thresholds, leading to significant price fluctuations.
As of the latest reports, Israel’s security cabinet was reportedly discussing a two-week ceasefire proposal put forward by Egypt for Gaza. Investors should continue monitoring geopolitical news throughout the day.
In addition, the American Petroleum Institute (API) reported a 1.643-million-barrel increase in US crude inventories for the week ending October 18, higher than the expected 118,000-barrel increase. Investors will now turn their attention to the EIA’s inventory report later today.
Oil Technical Analysis:
Oil opened at $70.4 per barrel on Tuesday, initially pulling back to a low of $69.82 before rebounding strongly. Prices reached an intraday high of $72.59 before settling at $71.83. The candlestick pattern suggests a potential pullback in today’s trading.

Today’s Focus:
Today’s strategy suggests focusing on pullbacks for long positions, with short positions considered as a secondary option.
- Resistance: $72.0-$73.0
- Support: $70.7-$70.0
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Disclaimer
This information contained in this blog is for general reference only and is not intended as investment advice, a recommendation, an offer, or an invitation to buy or sell any financial instruments. It does not consider any specific recipient’s investment objectives or financial situation. Past performance references are not reliable indicators of future performance. Doo Prime and its affiliates make no representations or warranties about the accuracy or completeness of this information and accept no liability for any losses or damages resulting from its use or from any investments made based on it.
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