Market Recap
On Wednesday, spot gold broke above the $4,000/oz mark for the first time, extending its record-setting rally to $4,059.07/oz, driven by safe-haven demand amid mounting geopolitical and economic uncertainty. Crude oil prices also climbed to a one-week high as traders bet that stalled Ukraine peace talks would keep sanctions on Russia in place, while U.S. data showed rising oil consumption.
Gold
Gold extended its record-breaking rally after crossing $4,000/oz for the first time, as intensifying global uncertainty and expectations of U.S. rate cuts continued to drive investors into safe-haven assets.
Matthew Piggott, Head of Gold and Silver at Metals Focus, noted that gold’s strong performance reflects an exceptionally favorable macroeconomic and geopolitical backdrop for safe-haven assets, while also signaling market concerns about other traditional havens.
Following a 27% rise in 2024, gold has surged 52% year-to-date in 2025, making it one of the best-performing assets globally, outperforming equities while the U.S. dollar and oil have fallen. Silver has jumped 71% this year, supported by the same bullish drivers and tight supply conditions in the physical market.
Gold Technical Analysis:
Gold touched an intraday high near $4,049.6/oz. The relentless rally has made new highs feel almost routine, yet it has also created growing market anxiety. After dipping to $3,961/oz during U.S. trading, gold rebounded sharply. Analysts suggest that current pullbacks represent short-term corrections rather than reversals, and that short positions could remain risky until the market shows clear exhaustion. For now, the trend remains firmly bullish, and traders may look to buy on retracements.
Today’s Gold Outlook:
- Resistance: $4,048 – $4,058
- Support: $3,990 – $3,980
Crude Oil
Brent crude futures rose 1.2% to $66.25/bbl, while WTI crude gained 1.3% to $62.55/bbl, marking their highest closes since late September.
A senior Russian diplomat said momentum for a peace deal with Ukraine has “virtually dried up,” which analysts believe could keep Russian oil supply constrained. According to U.S. energy data, Russia remained the world’s second-largest crude producer in 2024, just behind the United States.
Interfax reported that Russian Deputy Prime Minister Alexander Novak stated Wednesday that despite sanctions, Russia continues to gradually raise production and is now close to meeting its OPEC+ output quota.
Oil Technical outlook:
On the daily chart, crude prices are fluctuating near the lower boundary of their range, with the medium-term trend still biased to the downside. The MACD lines remain below zero, indicating bearish momentum dominance. However, short-term (1H) price action shows consolidation with mild upward momentum. Early trading showed limited bullish strength, but downside pressure has yet to intensify. Analysts expect a short-term pullback followed by another upward push.
Today’s Oil Outlook:
- Resistance: $63.5 – $64.5
- Support: $61.0 – $60.0
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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. D 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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