In early Asian trading on Friday, spot gold hovered near $4,475 per ounce after holding steady on Thursday as investors waited for the US non-farm payrolls report to guide Federal Reserve policy expectations. Meanwhile, Bloomberg Commodity Index rebalancing began this week, which may create short-term pressure on gold.
WTI crude traded around $58.40 per barrel after surging more than 3% on Thursday, driven by fresh supply-side risks.
Gold
Gold prices remained stable on Thursday as markets positioned ahead of the US jobs report. Spot gold settled at $4,452.64 per ounce, while US gold futures edged slightly lower. The Bloomberg Commodity Index annual rebalancing is expected to add short-term selling pressure.
Markets are now focused on Friday’s US non-farm payrolls report. Economists expect 60,000 new jobs in December, while recent jobless claims, job openings, and private payroll data suggest the US labor market is cooling.
Technical View
A key support zone is located around $4,428 to $4,430, where the 100-hour moving average and the 38.2% Fibonacci retracement converge. A break below this level could open the door toward $4,400.
Momentum indicators remain weak. The MACD stays below the zero line, while RSI near 40 points to bearish pressure. On the upside, $4,455 (23.6% Fibonacci) is the first resistance. A sustained break above that level would help stabilize price action.
Today’s Focus
Trading bias:
Pullbacks for longs, rallies for shorts
Resistance: 4450 to 4470
Support: 4400 to 4380
Oil
Oil prices rebounded sharply on Thursday after two days of declines. Brent settled at $61.99, while WTI closed at $57.76, both up more than 3%.
The rally was driven by supply risks. Following the announcement of a $2 billion oil deal with Venezuela, US and European oil firms are preparing to visit the country next week. Two Venezuela-linked tankers were also seized by US authorities.
Additional risks came from a tanker attack in the Black Sea and Iraq’s nationalization of the West Qurna-2 oil field to avoid US sanctions. These events added to concerns over Russian, Iraqi, and Iranian supply.
Technical View
On the daily chart, oil remains in a broader downtrend, with moving averages still pointing lower. On the hourly chart, prices made new lows but selling momentum has slowed. MACD remains negative, indicating bearish control.
A short-term rebound is possible, but downside risks remain.
Today’s Focus
Trading bias:
Sell rallies, buy dips cautiously
Resistance: 58.5 to 59.5
Support: 56.0 to 55.0
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