Gold Rebounds from $4,125 Low as Oil Prices Wobble in Tight Range Amid Washout Fears

Deep News
1小時前

Spot gold: On October 5, during the European session, gold remained broadly in a low-range consolidation with rebounds facing resistance.

After last Friday's weaker-than-expected non-farm payrolls data, gold prices briefly surged to around $4,226 but then quickly pulled back, indicating insufficient bullish follow-through; the current short-term rebound momentum is relatively weak, making intraday trading more suitable for tracking a range-bound, sell-on-rebound bias.

Spot gold fluctuated repeatedly between $4,140 and $4,160 per ounce during the Asian and European sessions, with an intraday high of around $4,163–$4,170 and a low of around $4,125–$4,132.

Last week, gold fell approximately 3.4% cumulatively, closing the week in the red, and the short-term structure has not yet reversed.

The current market is being pulled by several forces: mixed bearish and bullish non-farm signals, still-elevated dollar and Treasury yields, Middle East geopolitical risks providing bottom support, but G7-coordinated release of strategic petroleum reserves capping some of the energy premium.

Overall, gold is better observed around the $4,100–$4,200 range for highs and lows, prioritizing short positions on rebounds facing resistance, and considering short-term long repair trades only if pullbacks hold support.

Key levels:

Resistance: $4,192, $4,225

Support: $4,125, $4,090

Entry points/ranges: Aggressive short at $4,192 ± 5, stop loss $4,202, target $4,140, hold if broken! Aggressive long at $4,125 ± 5, stop loss $4,110, target $4,165, hold if broken! [GOLD dividing line: $4,166 per ounce! Note: The above views are for reference only; in extreme market conditions, strictly manage risk.]

WTI crude oil: During the European session, crude oil remained broadly in a gap-up-then-pullback pattern, with pulse-style rallies followed by resistance-driven consolidation.

Brent crude touched an intraday high of $103.40 per barrel and has now pulled back to around $101.6–$102.0 per barrel; WTI fell from around $91.88 per barrel and is currently trading in the $89.3–$89.8 per barrel range.

Crude oil is not suitable for a simple one-sided view right now, as the market is being pulled by two forces: First, supply recovery is pressuring prices: the G7 agreed to release 100 million barrels of crude and diesel reserves; Middle East crude exports exceeded pre-war levels for multiple days in the final week of September; Hormuz Strait flows are recovering; Saudi Aramco cut its November Asian crude selling price and widened discounts, signaling a fight for market share.

Second, geopolitical risks are underpinning oil prices: Houthi attacks on Saudi Aramco facilities, with Yemeni government forces announcing a counteroffensive; tanker attacks still occurring in the Hormuz Strait; OPEC+ maintaining November production unchanged, but actual increases are mostly "paper increases," with a real supply gap still present.

So the European session price action shows: after geopolitical headlines push prices up, supply-side signals quickly drive them back down.

Key levels:

Resistance: $92.0, $94.0

Support: $88.0, $86.0

Entry points/ranges: Aggressive short at $92.0 ± 0.2, stop loss $93.0; conservative short at $94.0 ± 0.2, target $89.0, hold if broken! Aggressive long at $89.0 ± 0.2, stop loss $88.0, conservative long at $86.4 ± 0.2, target $92.0, hold if broken! [WTI dividing line: $91.0 per barrel! Note: The above views are for reference only; in extreme market conditions, strictly manage risk.]

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