Gold Holds Key Support as Oil Lingers Near Highs

Spot gold: On October 22, COMEX gold settled overnight up 0.41% at $4,141.5, but in the early morning spot gold pulled back to around $4,104, and COMEX front-month contracts also gave back part of their gains, showing that selling pressure above $4,150–$4,160 remains heavy.

Gold is still locked in a tug-of-war between $4,100 and $4,155: buying around $4,100 is clearly providing a floor, with prices quickly rebounding after dipping to $4,106 in the morning session; however, rebounds into $4,140–$4,155 repeatedly run into resistance.

The core logic is unchanged: elevated U.S. dollar and Treasury yields raise the cost of holding gold, while expectations of a December rate hike cap rebounds; geopolitical tensions and central bank gold purchases provide support at the bottom, and bulls and bears remain in a stalemate.

Key levels: resistance $4,165–$4,185, support $4,120–$4,100.

Daytime trading ideas: aggressive short at $4,162 ±5, conservative short at $4,185 ±5, target $4,120 and hold if broken; aggressive long at $4,118 ±5, conservative long at $4,100 ±5, target $4,165 and hold if broken.

GOLD pivot: $4,120 per ounce. The above is a deduction of market logic and does not constitute a guaranteed return promise; actual trading must be combined with live market rhythm and stop-loss execution.

U.S. crude oil: Overnight WTI settled down 0.68% at $97.65 per barrel, while Brent edged up 0.03% to $106.39 per barrel. Intraday price action was a repeated roller-coaster driven by rumors and denials of U.S.-Iran talks, with prices once recovering to around $98.5 in the early morning.

The core logic for crude remains a tug-of-war between geopolitical premium and demand suppression: attacks in the Strait of Hormuz, Houthi disruptions, and a new round of U.S. sanctions on Iran continue to support oil prices; however, ongoing U.S.-Iran negotiations, the U.S. plan to lend heating oil reserves, and Saudi Arabia's cut to its November official selling price are limiting upside room.

Key levels: resistance $100.0–$102.0, support $94.0–$92.0.

Daytime trading ideas: aggressive short at $99.2/$99.7, conservative short at $101.1/$101.6, target $96.0 and hold if broken; aggressive long at $94.2/$93.6, conservative long at $92.3/$92.8, target $100.5 and hold if broken.

WTI pivot: $96.0 per barrel. Note: the above is market deduction and does not constitute definite buy or sell advice.