Spot Gold: On October 21, gold maintained a pattern of high-level consolidation with rebound pressure during the morning session, with spot gold trading in the $4,115–$4,130 per ounce range, retreating rapidly from above $4,150 overnight as short-term bullish momentum proved insufficient. Overnight, gold prices briefly rebounded above $4,150 driven by geopolitical headlines, but failed to hold that level and subsequently fell back. The primary factors currently pressuring gold remain a stronger US dollar, elevated US Treasury yields, and cautious expectations around Federal Reserve rate policy; supporting forces come from continued gold purchases by global central banks, geopolitical safe-haven demand, and buying interest absorbing supply in the $4,100–$4,080 zone.
The core morning range reference is $4,080–$4,140. On the upside, resistance is watched at $4,140–$4,150 and $4,185; on the downside, support is monitored at $4,100, $4,080, and $4,050. Today's key focuses include UK CPI data, Fed official speeches, and Middle East geopolitical developments.
Trading approach: Aggressive short at $4,130 ±5, conservative short at $4,145 ±5, target $4,080 with hold on breakout! Aggressive long at $4,085 ±5, conservative long at $4,058 ±5, target $4,130 with hold on breakout! [GOLD dividing line: $4,150 per ounce! The above represents market logic deduction and does not constitute a guaranteed return promise. Actual trading requires combining real-time market rhythm with stop-loss execution.]
US Crude Oil: Overnight crude oil staged a dramatic inverted-V reversal: WTI peaked at $101.37 per barrel, then quickly retreated on US-Iran negotiation rumors, with WTI front-month ultimately settling around $98.18 per barrel and Brent settling around $108.79 per barrel. In the morning, WTI rebounded above $98 during Asian trading, but overhead pressure remains heavy and chasing longs directly is not advisable in the short term.
Crude oil continues to be supported by geopolitical risk premiums: tanker attacks in the Strait of Hormuz, Houthi strikes on Saudi targets, and ongoing US-Israel-Iran tensions. However, US-Iran negotiation rumors, the IEA considering releasing more oil reserves, and the US pushing for sanctioned tankers to resume operations could suppress oil prices at any time. Additionally, API crude inventory showed a significant draw of 4.931 million barrels, providing some short-term support for oil prices. The morning focus is on whether WTI can hold above $97 and whether new progress emerges in Middle East negotiation news.
Trading approach: Aggressive short at $100.5/$101.0, conservative short at $102.8/$103.4, target $98.0 with hold on breakout! Aggressive long at $97.2/$96.7, conservative long at $95.5/$95.0, target $100.5 with hold on breakout! [WTI dividing line: $97.0 per barrel! Note: The above represents market deduction and does not constitute definitive buy or sell advice.]
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