
Gold
On Monday, gold fluctuated near record highs but closed down by 0.17% at $2,742.27 per ounce as US Treasury yields rose and the dollar held firm, with investors awaiting a series of key economic data later this week. Gold hit an intraday low of $2,724.60 per ounce before partially recovering.
The 10-year Treasury yield jumped to its highest point since July 11, reaching 4.3% during the day and settling up 4.4 basis points at 4.274%. Meanwhile, the dollar index hovered near recent highs, closing at 104.31, marking a potential 3.6% monthly increase, the largest since April 2022.
The strength in the dollar and Treasury yields has decreased gold’s appeal for international buyers, though uncertainties around the US election and tensions in the Middle East continue to provide some support.
Furthermore, analysts note that renewed “Trump trades,” which anticipate potential US deficit expansion under a new term, have also bolstered gold, as higher deficits could reignite inflation and question the dollar’s stability.
This week’s market direction may be shaped by critical economic data, including October’s ADP employment figures and Q3 GDP growth on Wednesday, the latest initial jobless claims and core PCE price index on Thursday, and the high-impact non-farm payroll report on Friday.
Investors will be watching the September JOLTS job openings report today, alongside updates on US election developments and Middle Eastern geopolitics.
Gold Technical Analysis:
Gold opened with a gap lower, then gradually rebounded, with support around $2,727, enabling a push past $2,740 to close in positive territory. Despite the gains, resistance near $2,743–$2,745 limited further upward momentum, holding prices within a consolidation range.

Today’s Focus:
Consider focusing on buying dips near key supports, with sell opportunities on rallies to resistance.
- Resistance: $2,753–$2,758
- Support: $2,730–$2,725
Oil
Oil prices plummeted on Monday as geopolitical tensions eased following Israel’s decision not to target Iran’s nuclear or oil facilities. WTI crude fell 6.13% to $67.38 per barrel, marking its steepest one-day drop in over two years, while Brent crude declined 6.09% to close at $71.42 per barrel.
Over the weekend, Israel conducted targeted airstrikes on missile sites in Iran without affecting its nuclear or oil infrastructure, easing fears of supply disruptions. As a result, Citi analysts revised down Brent crude’s three-month outlook to $70 per barrel from $74 and reduced the six-to-twelve-month forecast to $60 from $72.
Demand concerns have resurfaced as a critical factor, with the global shift towards electric vehicles heightening worries over declining oil demand. OPEC+ has postponed planned output increases until December, aiming to stabilize prices amid softening demand.
“If tensions remain steady, we foresee WTI stabilizing around $65 by 2025,” noted Portillo, citing OPEC+’s influence on market supply.
Investors will closely watch API’s weekly US crude inventory data tonight and monitor developments in Middle Eastern diplomacy and US election updates.
Oil Technical Analysis:
Oil saw a steep decline after opening with a significant gap down, with the price failing to break above $69 and accelerating downward to break support at $67. Price action suggests continued weakness as long as prices stay below Monday’s gap resistance.

Today’s Focus:
Consider focusing on selling rallies, with buying opportunities near key supports.
- Resistance: $69.5–$70.0
- Support: $66.3–$65.8
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