Spot gold traded near $4,812/oz in early Asian hours on Thursday. Prices trimmed gains after hitting a record high of $4,888.17/oz on Wednesday, as US President Donald Trump rolled back some of his hardline threats related to Greenland, easing geopolitical tensions.
Meanwhile, WTI crude hovered around $60.57/barrel, after oil prices surged more than 3.6% on Wednesday, supported by supply concerns tied to Kazakhstan oil field disruptions and slow progress in Venezuela’s export recovery.
Gold
Gold prices pulled back from record highs on Wednesday as geopolitical tensions eased following President Trump’s decision to soften his stance on Greenland, triggering a rebound in equities and reducing demand for safe-haven assets.
Spot gold rose 0.3% to $4,778.51/oz, after briefly surging to an all-time high of $4,888.17/oz. US gold futures settled 1.5% higher. Analysts noted that the withdrawal of tariff threats against Europe boosted risk sentiment, prompting partial profit-taking in gold. However, the move is widely seen as a short-term consolidation rather than a trend reversal.
Gold surged 64% in 2025 and is already up 11% year-to-date in 2026, underlining the strength of the broader uptrend.
Technical Outlook:
From a daily chart perspective, a deeper pullback may be developing, with price action suggesting a potential topping structure. A confirmed breakdown below the 5-day and 10-day moving averages would strengthen the case for a larger January correction. Key daily supports are located at 4,730 and 4,650, with 4,650 remaining the critical level that defines the broader bullish structure.
On the H4 timeframe, Bollinger Bands have begun to contract, and the overnight decline has already pushed prices below short-term moving average support. A clear break below the mid-Bollinger band near 4,730 could open the door toward 4,600 or lower. On the upside, resistance is seen near 4,835 and 4,855, where selling pressure may re-emerge.
Today’s Focus:
Strategy: Buy dips, sell rallies cautiously.
- Upside resistance: 4,855–4,875
- Downside support: 4,800–4,770
Oil
Oil prices closed higher on Wednesday, supported by supply disruption concerns stemming from Kazakhstan and a sluggish recovery in Venezuelan exports. Brent and WTI crude rose 0.5% and 0.4%, respectively.
On the supply front, production at Kazakhstan’s Tengiz oil field was halted after a force majeure event disrupted pipeline flows to Black Sea terminals. The outage is expected to affect output for seven to ten days. Meanwhile, Venezuela’s oil exports have been slow to recover under its agreement with the US, limiting its ability to fully reverse recent production cuts.
Technical Outlook:
On the daily chart, oil remains in a broad consolidation after rebounding from the $54.80 area. Price has moved above key moving averages, shifting the medium-term trend into a range-bound structure. While the break above $60.50 is encouraging, follow-through remains uncertain, leaving room for a pullback.
On the 1-hour chart, oil is stabilizing near the upper end of the range, with MACD holding above the zero line, signaling bullish momentum. Short-term moving averages are aligned to the upside, suggesting the potential for another push higher if momentum holds.
Today’s Focus:
Strategy: Buy dips, sell rallies cautiously.
- Upside resistance: 62.0–63.0
- Downside support: 59.0–58.0
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