Goldman Sachs GS has raised its December Brent crude forecast to $85 a barrel as persistent energy-supply disruptions push inflation expectations higher across Asia. Yet the call carries an important twist for investors: with Brent recently trading around $100 and the supplied market snapshot showing roughly $107, Goldman’s higher forecast still implies a significant retreat from current levels, suggesting the bank expects geopolitical risk premiums to fade rather than oil’s latest surge to persist.

The forecast adjustment follows months of disrupted Middle East supplies and restricted flows through the Strait of Hormuz, which have left energy-importing Asian economies particularly exposed. Recent Brent prices have remained near $100 even as Saudi exports improved and diplomatic developments briefly eased supply fears.

Goldman expects higher energy costs to show up more clearly in September import and producer prices across Asia-Pacific economies. Consumer inflation should see a smaller immediate impact because subsidies and regulated prices in several countries cushion households from the full increase.

Still, the inflation backdrop has deteriorated substantially. Before the Iran conflict, inflation in many regional economies was at or below central-bank targets. Headline and core readings are now generally at or above those targets, according to Goldman.

Refined fuels are adding pressure even without crude returning to its earlier peak. LNG and diesel prices have reached fresh 2026 highs, while the pass-through into regional core inflation has so far remained relatively limited.

Goldman expects particularly stronger-than-consensus 2027 inflation in India and Malaysia, while its forecasts sit further below consensus in Japan, Vietnam and the Philippines.

Investor Takeaway

The biggest investor implication is that $85 Brent does not represent a bullish call from current prices. It represents Goldman raising the level at which it expects oil eventually to settle.

Investors should watch Hormuz flows, Saudi supply restoration and refined-product prices. Saudi Arabia has restarted its East-West pipeline, but full capacity could take weeks to recover.

If supply normalizes, Brent could move toward Goldman’s forecast and ease inflation pressure. Persistent disruptions would instead keep oil elevated, complicating central-bank easing and putting further pressure on energy-importing economies and rate-sensitive assets.

Treasury yields rallied as bond traders focused on PMI data. The yield of 2-year Treasuries climbed towards the 4.90% level, while the yield of 10-year Treasuries settled above 5.10%. Rising Treasury yields put significant pressure on gold markets in today’s trading session.

U.S. dollar gained ground against a broad basket of currencies as forex traders focused on hawkish Fed policy outlook. Strong dollar put additional pressure on gold markets today.

Rising oil prices also served as a bearish catalyst for gold today. Brent oil climbed above the $102.00 level amid lack of progress in the Middle East and problems in diesel markets.

Currently, gold is trying to settle below the support level at $4300 – $4320. In case gold manages to settle below the $4300 level, it will head towards the next support, which is located in the $4160 – $4180 range.

CADCHF’s latest bullish surge was halted by the stability of the barrier at 0.5910, forcing the pair to form some corrective trading as it slips toward 0.5820. We would like to note that this decline will not affect the main bullish scenario, which remains supported by the stability of the support at 0.5770.

Based on the above, we expect the price to enter new mixed trading while awaiting the accumulation of additional positive momentum, which would enable it to renew pressure on the aforementioned barrier. A breakout above this level would open the way toward further targets, initially at 0.5945 and 0.6010, respectively.

Expected trading range for today: 0.5825 and 0.5910 

Today’s forecast : Bullish

Interestingly, Treasury yields are moving lower in today’s trading session. The bond market has calmed down, and some traders are ready to buy U.S. bonds, betting that Fed will control inflation. The yield of 2-year Treasuries declined towards the 4.75% level, while the yield of 10-year Treasuries pulled back towards the 4.96% level. I’d note that the pullback in Treasury yields did not provide any support to gold markets in today’s trading session.

U.S. dollar moved higher against a broad basket of currencies as traders ignored the pullback in Treasury yields and focused on hawkish Fed policy outlook. Stronger dollar put pressure on gold markets today.

The nearest support level for gold is located in the $4300 – $4320 range. If gold pulls back below the $4300 level, it will head towards recent lows near the $4250 level. A move below $4250 will open the way to the test of the support at $4160 – $4180.

On the upside, gold needs to climb above the $4400 level to have a chance to gain upside momentum in the near term. In this case, gold will head towards the resistance at $4480 – $4500.

EURJPY took advantage of the repeated negative pressures during yesterday’s trading, forming a new bearish attack and currently touching the bearish target at 179.45, while settling above it after forming additional support against further downside moves.

The price may be forced to trade sideways amid its confinement between the current support, while 180.80 continues to form a strong barrier against bullish attempts. However, a successful break below 179.45 followed by a bearish close would strengthen the bearish scenario, with the price expected to gradually target 178.60, followed by 177.80.

Expected trading range for today: 178.60 and 180.35 

Today’s forecast: Bearish

Coffee price continued forming negative trading as the negative momentum provided negative momentum in the last period, approaching the support base that is represented by 260.15 level, the suggested scenario in the near trading depends on the strength of the current support, to expect forming bullish waves, to attempt to reach 285.25, repeating the pressure on 295.20 barrier.

Facing new bearish pressures and breaking the current support, will push it to suffer extra losses by reaching 262.20 and 257.30.

The expected trading range for today is between 269.00 and 285.25

Trend forecast: Bullish

Platinum price remains under the sideways track by its fluctuation near $1815.00 level, affected by the stability of the barrier at $1840.00, which obstacles the chances of activating the bullish trend again.

The price might be forced to provide more sideways trading until gathering extra positive momentum, easing the mission of achieving the breach, to begin targeting the positive stations by its rally towards $1880.00 and $1960.00.

The expected trading range for today is between $1780.00 and $1880.00

Trend forecast: Bullish

Natural gas price succeeded in activating with stochastic positivity, to keep its positive stability above the support at $2.620, forming some bullish waves and holding near $3.020.

The price requires providing new bullish close above $2.920 level, increasing the efficiency of the bullish scenario and reaching the positive stations at $3.100 and $3.250 level.

The expected trading range for today is between $2.920 and $3.250

Trend forecast: Bullish

Domestic coffee prices

Coffee prices today in the domestic market continued to decrease by 1,000 VND/kg, on average maintaining at 91,900 VND/kg, anchored in the price range of 91,200-92,000 VND/kg.

In Gia Lai and Dak Lak, coffee prices were recorded at 91,800 VND/kg, down 1,000 VND/kg.

In Lam Dong, coffee prices decreased by 1,000 VND/kg, listed at 91,200 VND/kg.

The old Dak Nong area, although reduced by another 1,000 VND/kg, is still the highest price in the whole region at 92,000 VND/kg.

The USD/VND exchange rate according to Vietcombank is recorded at 25,800 VND/USD.

World coffee prices

In the world market, coffee prices remain unchanged for all terms.

According to Barchart, the September 2026 Robusta futures contract is anchored at 3,400 USD/ton, down 51 USD/ton. Down 77 USD/ton, the November 2026 futures are listed at 3,260 USD/ton. The terms from January 2027 to May 2027 are listed in the price range of 3,241 – 3,249 USD/ton.

Similarly, the December 2026 Arabica contract fell to 272.30, down sharply by 4.1 cents/lb. The March 2027 contract was offered to the market at a price of 264.70 cents/lb, down 3.75 cents/lb. Further forwards are anchored in the 259.25 – 260.70 cents/lb range.

Assessments and forecasts

Coffee prices fell sharply for the second consecutive session and hit a 3-month low. Coffee prices have been under pressure for the past 3 weeks due to the prospect of abundant global supply.

The decline in Robusta coffee prices accelerated yesterday after Robusta inventories at ICE rose to a 9.75-month high.

Favorable farming conditions in Brazil and Vietnam also put pressure on coffee prices. Rainfall higher than normal in Brazil during the current important flowering period may support the 2026/27 coffee harvest season, thereby becoming a factor causing price reduction pressure.

In addition, a weekly bearish reversal signal triggered this week on a decline below last week’s low of $99.22. Last week’s price action took the form of a bearish shooting star candlestick pattern, adding to the significance of the signal and therefore the potential for bearish follow-through. Since there has been only one leg down so far in the retracement, a second leg down could follow a bounce. A falling ABCD pattern formed during the prior retracement in July, and it may occur again.

$101.15 Becomes Key Bullish Trigger

Having said that, if Tuesday’s low holds and a subsequent rally gets above Monday’s high of $101.15, the retracement may complete with bullish momentum confirmed by the successful test of support at the 20-day moving average.