Gold Market Update — On Monday, October 6, the benchmark 10-year U.S. Treasury yield closed at 5.312%, while the 2-year Treasury yield, which is sensitive to Federal Reserve policy rates, closed at 4.823%. As traders weighed the impact of a slowing U.S. employment market and rising bond yields on the Federal Reserve's rate path, gold prices stabilized after experiencing their largest weekly decline since June. Spot gold ultimately closed up 0.03% at $4,140.52 per ounce, while spot silver closed up 1.17% at $61.05 per ounce.

Earlier, citing an unnamed source in Saudi Arabia's energy industry, reports indicated that the Saudi East-West oil pipeline had been shut down after a pumping station along the route was attacked again over the weekend. Following the report's release, international oil prices briefly spiked but gave back gains after news emerged that the pipeline was operating normally. By the close, WTI crude fell 2.05% to $88.48 per barrel, and Brent crude dropped 2.33% to $99.46 per barrel.

Latest Gold Price Action

Yesterday, the gold market opened at $4,141.9 per ounce in early trading and moved in a range. The price first climbed to $4,163.3 per ounce before pulling back to $4,123.8 per ounce, then rallied a second time. The daily high touched $4,170.3 per ounce before declining, and the daily low reached $4,122.6 per ounce before consolidating. The daily candle finally closed at $4,139.6 per ounce, forming a shooting star pattern with a longer upper shadow than lower shadow. With this pattern, gold continues to remain under pressure.

In summary, gold has been operating at the bottom of a consolidation box but has not shown upward momentum to break out. Today, continue to watch for signs of gold facing pressure. In terms of trading, consider rebound shorts as the priority, with long positions as a supplement. On the upside, watch resistance at $4,166–$4,260, and on the downside, watch support at $4,120–$4,090.

Latest Crude Oil Price Action

The U.S. crude oil market opened yesterday at $93.28 per barrel, then rose slightly to $93.57 per barrel, the daily high, before pulling back. The daily low reached $90.4 per barrel before consolidating. The daily candle ultimately closed at $90.95 per barrel, forming a large bearish candle with a longer lower shadow. With this pattern, oil prices have a chance of coming under pressure again.

In summary, crude oil is overall in a consolidating downward trend with a possibility of continued pressure. Today's trading considers rebound shorts as the priority, with long positions as a supplement. On the upside, watch resistance at $90.9–$93.5, and on the downside, watch support at $88.1–$87.0.

Latest Nasdaq Price Action

The Nasdaq market opened slightly higher yesterday at 30,821.85 points, then first climbed to 30,966.62 points before a strong pullback. The daily low reached 30,697.15 points before a strong rally. The daily high touched 31,112.83 points before consolidating. The daily candle ultimately closed at 31,079.86 points, forming a medium bullish candle with a longer lower shadow. With this pattern, the Nasdaq has a chance of continuing higher.

In summary, the Nasdaq has broken upward through consolidation, and bulls have the potential for further breakthroughs. Today's trading considers buying on pullbacks as the priority, with short positions needing to wait. On the upside, watch resistance at 31,300–31,500 points, and on the downside, watch support at 31,000–30,900 points.

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