After touching a nine-week low on Wednesday, gold prices rose slightly as Asian markets traded quietly following a week-long holiday by Chinese buyers, with prices supported alongside other metals.
The PBOC increased its gold holdings by approximately 23 tons in September, marking the 23rd straight month of purchases.
New tensions in the Middle East have raised inflation concerns and heightened expectations that the U.S. will raise interest rates at least once more this year. On Wednesday, an oil tanker was struck by a missile near Qatar’s coast—an unusual attack deep within the Persian Gulf. Meanwhile, reports indicate the White House is considering plans for military strikes against Iranian targets ahead of November’s midterm elections.
Minutes from the latest Federal Reserve meeting showed all 19 policymakers backed the September rate hike, with most expecting another increase before year-end to be appropriate. Investors currently estimate a roughly 20% chance of a rate hike at the Fed’s next meeting in late October, but a high probability—up to 80%—of a hike in December.
Gold prices surged 0.8%, approaching $4,140 per ounce, after hitting a low of $4,066 the previous session—the lowest since early August.
The Fed minutes kept gold prices below a difficult-to-breach ceiling, as policymakers remain united in addressing inflation, though they differ on whether the September hike was merely precautionary or the start of a tighter tightening cycle.
Plugin Case Study
Gold: Prices are consolidating around the $4,100–$4,200 range, offering some room for intraday rebound. However, we also remain watchful for a potential V-shaped reversal following liquidity sweeps lower. Resistance lies at $4,180/$4,200 and $4,250; support is found near $4,050 and the liquidity cluster around $4,100.
(Gold 15-minute chart)
Nasdaq: The index has largely achieved our earlier target zone of 31,300/31,500. Today, focus will be on whether a breakout from the current range can generate a long opportunity. If not, look for signals following a sweep of liquidity near 31,000.
(Nasdaq 15-minute chart)
Crude Oil: Price momentum continues to shift downward, maintaining a volatile decline. Key resistance today lies in the $92–$92.50 area; monitor how this supply zone responds.
(Crude Oil 15-minute chart)
Key Financial Data and Events Today:
19:30 – European Central Bank releases minutes from its September monetary policy meeting
20:30 – U.S. initial jobless claims for the week ending October 3 (in thousands)
22:40 – Kashkari, 2026 FOMC voting member and President of the Minneapolis Fed, speaks
