The article discusses the market movements of precious metals and crude oil, highlighting how rising oil prices pushed up inflation and rate hike expectations, which in turn pressured gold prices downward.
Spot Gold
On October 23, gold experienced a clear decline, with London Gold falling from above 4140, breaking through the 4100 and 4000 thresholds, and touching a low near 3986, dropping over 2% during the session. Strengthening oil prices pushed up inflation and rate hike expectations, while high levels of the US dollar and Treasury yields suppressed gold prices. Profit-taking by bulls combined with programmatic stop-losses amplified the decline. On the 4-hour chart, a bearish alignment is present, with short-term focus on the 4000–4065 USD range. Tonight's data may bring impulsive fluctuations, and the short term is expected to maintain high volatility with a weak bias. Key levels: resistance at 4065-4087, support at 3963-3940. For European and US session trading ideas: aggressive short at 4055±5, conservative short at 4087±5, target 4000 with holding if broken! Aggressive long at 3962±5, conservative long at 3940±5, target 4050 with holding if broken! [GOLD pivot: 4050 USD/oz! The above is market logic deduction, not a guaranteed return promise; actual trading requires combining real-time rhythm and stop-loss execution.]
US Crude Oil
On October 23, crude oil surged strongly, with WTI settling at 99.47 USD/barrel, up 2.39%; Brent closed at 113.17 USD/barrel, up 4%. The core driver remains Middle East geopolitical risk: Houthi attacks on Saudi facilities and Saudi Aramco's evacuation of its Dhahran headquarters significantly raised the risk premium. However, there is a supply-side offset, with Middle East export flows recovering to about 80% of pre-war levels, Saudi August exports rising 7.9% month-on-month, and Russian diesel cargoes also set to increase. The market presents a contradictory pattern of "conflict escalation coexisting with flow recovery." In the short term, WTI focus is on the 102 USD resistance and 99.0 USD support, expected to maintain high-level wide-range fluctuations. Key levels: resistance at 102.0-104.0, support at 99.0-97.0. For European and US session trading ideas: aggressive short at 102.5/102.0, conservative short at 103.7/104.2, target 99.0 with holding if broken! Aggressive long at 99.2/99.7, conservative long at 97.3/97.8, target 102.5 with holding if broken! [WTI pivot: 99.0 USD/barrel! Note: The above is market deduction, not a definite buy or sell recommendation.]
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