**Gold Market Trend Analysis:** On October 31, gold prices surged nearly 2.4% in early Asian trading, with spot gold hovering around $4,040.50 per ounce. The rally was driven by the Federal Reserve's latest rate cut, which boosted gold's appeal, while lingering doubts over the effectiveness of a newly reached trade deal also supported demand.

The Federal Open Market Committee (FOMC) cut the federal funds rate by 25 basis points on Wednesday, aligning with market expectations. However, Fed Chair Jerome Powell tempered expectations for a December rate cut, emphasizing that further easing is not guaranteed. His hawkish tone led to a decline in U.S. Treasury prices (higher yields), reducing the likelihood of another rate cut in December.

**Technical Analysis:** The sharp rally should be viewed cautiously. While the bullish momentum is notable, confirmation of a trend reversal requires further observation over the next 1-2 days. Key resistance lies at $4,070-$4,080 (confluence of 10- and 20-day moving averages), a critical level for determining the medium-term trend. Failure to break above this range could limit the rally's impact, potentially reverting to consolidation or correction.

Short-term resistance is at $4,040-$4,050 (prior hourly highs), serving as a test for bullish sentiment. A pullback from this zone may trigger selling pressure, pushing prices toward support at $3,980 (near the 5-day moving average). A break below $3,980 would signal weak follow-through buying, while holding above it suggests continued bullish consolidation. The next key support lies at $3,950-$3,960 (prior consolidation zone).

**Trading Strategy:** Today’s gold trading strategy favors buying on dips, with resistance at $4,040-$4,070 and support at $3,980-$3,950.

**Crude Oil Market Trend Analysis:** Oil prices remained range-bound near $60 per barrel as easing trade tensions and a stronger dollar offset geopolitical risks. The U.S. reduced tariffs on some imports from 57% to 47%, boosting market sentiment but capping oil’s upside. Meanwhile, U.S. sanctions on Russian energy firms and potential nationalization of assets in Germany heightened supply concerns.

**Technical Analysis:** On the daily chart, WTI crude rebounded from $56, forming three consecutive bullish candles and recovering prior losses. The MACD indicator suggests weakening bearish momentum, pointing to a potential recovery within a broader consolidation range.

Short-term (1H) trading remains range-bound between $59.60 and $61.00, with the MACD hovering near zero, indicating balanced momentum. A breakout above resistance is more likely.

**Trading Strategy:** Crude oil trading today favors buying on dips, with resistance at $61.5-$62.5 and support at $59.0-$58.0.