Thursday Market Overview
Gold extended its winning streak to a third consecutive session on Wednesday, hitting a one-week high of $3,324.76 per ounce before closing at $3,315.14, up 0.78% for the day.
Oil prices, meanwhile, edged lower as rising US crude inventories outweighed reports from CNN suggesting Israel may be preparing to strike Iranian nuclear facilities.
Gold Market Recap
Gold saw strong gains Wednesday, rising for a third straight session and reaching a weekly high of $3,324.76 per ounce. It eventually settled at $3,315.14, posting a 0.78% daily gain.
The rally was driven by a combination of dollar weakness and escalating global geopolitical uncertainty, reinforcing gold’s appeal as a traditional safe-haven asset.
The US Dollar Index dropped 0.6% on Wednesday, falling below the psychological 100 level and touching a two-week low of 99.33. A weaker dollar makes dollar-denominated gold cheaper for holders of other currencies, boosting international demand.
Gold – Technical Outlook
Gold briefly spiked above $3,314 in early trading before pulling back and testing support around $3,285. Prices then rebounded and resumed upward momentum. During the European session, gold broke through $3,314 again, climbing toward $3,320 before facing resistance and consolidating. In the US session, prices dipped once more to retest $3,290, then bounced strongly into the close.
Gold – Today’s Strategy
Maintain a buy-on-dip approach aligned with the ongoing bullish trend.
- Resistance to watch: $3,350
- Support to watch: $3,290–$3,295
Crude Oil Market Recap
Oil prices declined Wednesday as US crude inventories rose for a second straight week, overshadowing news from CNN that Israel may be preparing to attack Iran’s nuclear facilities.
WTI crude fell 0.7%, closing below $62 per barrel. A government report revealed US crude stockpiles had climbed to their highest levels since July, while gasoline demand also weakened. Ongoing uncertainty surrounding US-Iran nuclear talks has kept oil prices volatile in recent sessions. Any Israeli strike could derail those negotiations and further destabilize the region.
“Either the market believes such a strike would have limited impact on oil, or it doubts the likelihood of it actually happening,” said Bjarne Schieldrop, Chief Commodities Analyst at SEB AB.
Crude Oil – Technical Outlook
Oil surged past $64 in the early Asia session but quickly met resistance and fell back. Prices dropped steadily through the European and US sessions, breaching $63 and touching $62. Overnight, the decline continued, briefly breaking below $62 and approaching $61 into the close — a sign of sustained bearish pressure.
Crude Oil – Today’s Strategy
Wait patiently for key levels before taking new positions.
- Resistance to watch: $62.5–$62.7
- Support to watch: $60.0
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Disclaimer
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