
Gold
On Wednesday, expectations of global central bank rate cuts, along with geopolitical tensions, boosted demand for safe-haven assets, pushing gold prices near a record high. Gold briefly touched $2,685.41 per ounce before closing up 0.43% at $2,673.70 per ounce.
Economic data released on Wednesday further fueled expectations of global central bank rate cuts. In the US, September import prices saw their biggest decline in nine months due to falling energy costs, suggesting a favorable inflation outlook. This raised expectations that the Federal Reserve might continue cutting interest rates. Goldman Sachs anticipates the Fed will implement 25 basis point rate cuts from November 2024 through mid-2025, with terminal rates in the 3.25% to 3.5% range.
Meanwhile, data from the UK showed inflation falling more than expected in September, bolstering market bets on a Bank of England rate cut next month.
On the geopolitical front, reports indicated that Israel carried out airstrikes on an underground weapons facility in southern Beirut, a stronghold of Iran-backed Hezbollah. This attack occurred just hours after the Lebanese prime minister claimed the US had assured him that Israel’s attacks on the capital would ease.
Investors will be closely watching the US retail sales and jobless claims data today, along with ongoing geopolitical developments.
Gold Technical Analysis:
Gold pushed higher on Wednesday, rising from support around $2,660 and reaching as high as $2,685 before pulling back slightly. The price settled just below this resistance level, closing with a bullish candlestick. The short-term support for gold remains at $2,660, with the key resistance at $2,685-$2,690.

Today’s Focus:
- Strategy: Sell on rebounds, buy on dips.
- Resistance: $2,685-$2,690
- Support: $2,665-$2,660
Oil
Oil prices remained subdued on Wednesday, pressured by forecasts of slowing global demand growth. WTI crude fell 0.49% to $70.61 per barrel, while Brent crude dipped 0.31% to $74.41 per barrel.
Weak demand outlook continues to weigh on oil prices. Both OPEC and the International Energy Agency (IEA) have downgraded their forecasts for global demand growth in 2024. The IEA’s report highlighted that oil demand is expected to decline faster than previously forecast over the coming decades, driven by the rise of electric vehicles and the use of biofuels and hydrogen in the aviation and shipping sectors.
However, oil prices found some support from the latest American Petroleum Institute (API) data and ongoing geopolitical tensions. The API reported that US crude oil inventories fell by 1.58 million barrels last week, contrary to analysts’ expectations of an increase of 1.8 million barrels.
Uncertainty surrounding the Middle East remains a concern. Israel continued airstrikes on southern Beirut early Wednesday, just hours after the Lebanese prime minister claimed the US had assured him the attacks would ease.
Key data releases today include the US EIA crude oil inventories, US retail sales, and jobless claims figures, as well as further developments on geopolitical tensions.
Oil Technical Analysis:
Oil continued its downtrend on Wednesday, facing resistance around $71.20 before slipping below $70. Prices bottomed near $69.60 before rebounding slightly, but the bearish trend remains intact.

Today’s Focus:
- Strategy: Sell on rebounds, buy on dips.
- Resistance: $72.0-$72.5
- Support: $69.5-$69.0
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Disclaimer
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