XAU/USD Current price: $3,779.62

• China’s appearance in the bullion market boosted the bright metal.
• US S&P Global PMIs came in line with estimates in September, according to flash estimates.
• XAU/USD consolidates near fresh all-time highs, buying interest unabated.

Gold run to record highs continued on Tuesday, with the bright metal approaching the $3,800 threshold. A mixture of broad US Dollar (USD) weakness, geopolitical tensions, China, and a dovish Federal Reserve (Fed) maintained the bright metal on the run.

The latest catalyst for XAU/USD’s rally was news indicating that the People’s Bank of China (PBoC) is using the Shanghai Gold Exchange to buy bullion in friendly countries and store it within Chinese borders, according to people familiar with the matter.

However, the record run could also be attributed to the recently adopted Fed’s dovish stance. True, policymakers introduced some noise after the announcement, while sharing their particular perspectives. Still, Chair Powell has the last say, and he will soon be on the wires, discussing the economic outlook at the Greater Providence Chamber of Commerce Economic Outlook Luncheon in Rhode Island.

Meanwhile, mounting tensions between Russia and Ukraine add to the demand for the bright metal. Back and forth drone attacks between Moscow and Kyiv have been reported on Tuesday, as Ukrainian President Volodymyr Zelenskyy seeks the United Nations (UN) and US President Donald Trump’s help.

Other than that, S&P Global reported that business activity lost momentum in September, according to preliminary estimates. The Composite Purchasing Managers’ Index (PMI) ticked down to 53.6 from 54.6 in August. Nevertheless, expansion continued in the manufacturing and services sectors. Manufacturing output eased to 52 from the previous 53, while the services index eased to 53.9, as expected from 54.5, suggesting demand there may be easing. The modest downtick hints at easing momentum, but also indicates business remains on the growth path.

US growth will remain under the spotlight, as the country will release on Wednesday the final estimate of the Q2 Gross Domestic Product (GDP).

XAU/USD short-term technical outlook

The XAU/USD pair holds on to solid gains for a third consecutive day, trading near its recent all-time peak at $3,791.12. Technical readings in the daily chart support yet another leg north, despite overbought conditions. The Momentum indicator ticks north within positive levels, while the Relative Strength Index (RSI) indicator stabilized at around 79. As it happens lately, the bright metal keeps advancing beyond bullish moving averages, with the 20 Simple Moving Average (SMA) currently at around $3,600, while also developing far above the bullish 100 and 200 SMAs.

In the near term, and according to the 4-hour chart, XAU/USD entered a pause. The pair consolidates near its recent high as technical indicators retreat from extreme levels, while still in overbought territory. At the same time, the pair is well above all bullish moving averages. Overall, the ongoing retracement gives no sign of the bullish trend abating.

Support levels: 3,767.10 3,753.90 3.736.2

Resistance levels: 3,791.00 3,805.00 3,820.00

Copper price provided slow trading despite the presence of the positive factors, such as the main stability within the bullish channel’s levels by forming main support at $4.1100 level, besides the continuation of providing bullish momentum by the main indicators, specifically by forming an extra support by the moving average 55 by its stability near $4.3700.

Therefore, we will keep preferring the bullish scenario, to expect surpassing the barrier at $4.6200, to rally towards the positive stations at $4.7500 and $4.9500.

The expected trading range for today is between $4.5000 and 4.7500

Trend forecast: Bullish

• Gols approaches fresh all-time highs $3,800, as the US Dollar drifts lower.
• Investors keep pricing in two further rate cuts in 2025, which keeps US Dollar rallies limited.
• Later today US flash PMI and Fed Powell might provide further clues about the US central bank’s rate path.

Gold continues to march higher on Tuesday, reaching fresh all-time highs and nearing $3,800 after appreciating more than $140 over the last three trading days. The US Dollar’s pullback ahead of the US PMI and Fed Powell’s speech has provided further support to the precious metals.

Investors’ expectations of further Fed rate cuts, on one side, and growing geopolitical concerns, namely the frictions between Russia and its NATO neighbours, have boosted demand for the safe-haven gold this week.

On Tuesday, a range of Fed speakers offered diverse opinions about the bank’s rate path, but futures markets continued to price in a 90% chance of a 25-basis-point cut in November and a 70% chance of another one in December. Against this backdrop, the US Dollar’s upside attempts are likely to remain subdued.

Technical Analysis: Gold is shouting for a bearish correction

The technical picture shows an overextended rally from mid-August lows. Bullion has appreciated nearly 15% ever since, and these performances, sooner than later, lead to corrections. The RSI is overbought at most timeframes, supporting that view.

On the upside, the psychological level at $3,800 might be a plausible target ahead of a healthy correction. Further up, the 261.8% Fibonacci retracement of the mid-September pullback, at $3,828, emerges as a potential target.

To the downside, immediate support is at the intraday low of $3,738 ahead of the previous record high, in the area of $3,700. Further down, the September 15 and 19 lows, around $36,30 would come into focus.

(This story was corrected on September 23 at 11.25 GMT to say that the market is pricing two further Fed rate cuts, and not rate hikes, as previously reported)

The GBPCHF provided several negative trading, affected by its stability below the main bearish channel’s resistance at 1.0748, suffering some losses by hitting 1.0670 level, then forming correctional trading by its stability near 1.0705.

Note that the continuation of providing positive momentum by the main indicators will increase the chances of forming new bearish waves, attempting to press on the barrier at 1.0660, and breaking it will extend the losses towards 1.0630, to face the support of bearish channel that appears in the above image.

The expected trading range for today is between 1.0720 and 1.0660

Trend forecast: Bearish

Copper price provided slow trading despite the presence of the positive factors, such as the main stability within the bullish channel’s levels by forming main support at $4.1100 level, besides the continuation of providing bullish momentum by the main indicators, specifically by forming an extra support by the moving average 55 by its stability near $4.3700.

Therefore, we will keep preferring the bullish scenario, to expect surpassing the barrier at $4.6200, to rally towards the positive stations at $4.7500 and $4.9500.

The expected trading range for today is between $4.5000 and 4.7500

Trend forecast: Bullish

• Gold retreats after hitting lifetime highs above $3,750 early Tuesday.
• US Dollar consolidates the downside ahead of Fed Chair Powell’s appearance.
• Gold’s record rally remains unabated but overbought RSI conditions on the daily chart could caution buyers.

Gold is taking a breather early Tuesday after having extended the previous upsurge to renew record highs above the $3,750 psychological level.

Gold: All eyes on Powell and geopolitics

Gold traders look to take profits off the table after a two-day relentless record rally, repositioning ahead of the top-tier S&P Global preliminary US Manufacturing and Services PMI data and the eagerly awaited speech from US Federal Reserve (Fed) Chairman Jerome Powell.

Powell is due to speak about the economic outlook at the Greater Providence Chamber of Commerce Economic Outlook Luncheon, in Rhode Island, on Tuesday.

The US business growth data and Powell’s words will be closely scrutinized for fresh hints on whether the Fed will deliver two more interest rate cuts in the remainder of this year.

This comes after the hawkish remarks from Fed officials delivered on Monday and last week’s cautious rate cut decision announced by the US central bank.

New Fed Governor Stephen Miran said on Monday that the Fed is misreading how tight it has set monetary policy and will put the job market at risk without aggressive rate cuts.

Meanwhile, Fed policymakers Raphael Bostic, Beth Hammack and Thomas Barkin maintained their cautious rhetoric on further easing amid looming upside risks to inflation.

Besides, growing expectations of further Fed rate cuts, intensifying geopolitical tensions surrounding the Russia-Ukraine conflict and rising concerns over the US fiscal debt emerge as the key factors powering Gold’s record run.

Russian military jets flew over Estonia for 12 minutes on Friday. Although Moscow denied it, US President Donald Trump has said America would come to the defence of Poland and the Baltic states if Russia were to attack.

Interestingly, in the past fortnight, Russian drones and fighter jets have entered Estonian, Polish and Romanian airspace as the Kremlin’s war on Ukraine continues.

Looking ahead, the US preliminary Manufacturing PMI is seen falling to 52 in September from 53 in August, while the Services PMI is expected to decline to 53.9 in the same period versus 54.5 previous.

Disappointing PMI readings could revive US economic concerns and ramp up the odds of further easing by the Fed, boding well for the non-interest-bearing Gold and vice-versa.

Gold price technical analysis: Daily chart

The daily chart shows that the 14-day Relative Strength Index (RSI) remains within the overbought territory, currently descending to 76.

If the pullback picks up steam, the initial support is seen at the $3,700 threshold, below which the previous day’s low of $3,684 will offer some comfort.

Further down, the $3,650 psychological barrier could come to the rescue of buyers.

Conversely, buyers need acceptance above the $3,750 region to extend the record rally toward the $3,800 round level.

WTI (CL=F) and Brent (BZ=F) Prices Surge on Geopolitical Shock and OPEC+ Uncertainty

Oil prices are once again reflecting the weight of geopolitics and supply-side maneuvering. WTI crude (CL=F) climbed to $63.11 per barrel, up 1.37%, while Brent (BZ=F) added 1.32% to $66.89 after Israel carried out an unprecedented strike in Doha, Qatar. The location of the strike rattled traders because Qatar is a cornerstone of the global energy network, home to one of the largest U.S. military bases, and a critical LNG exporter. Even though Qatar does not export large volumes of crude, the geopolitical symbolism triggered immediate risk premiums across energy benchmarks.

Geopolitical Escalation Drives Risk Premiums

The Israel–Qatar escalation shifted the balance of oil markets that were already contending with fragile supply outlooks. Nearly every Gulf state plays an outsized role in energy stability, and the possibility of escalation spilling into wider conflicts pushed risk hedging into oil futures. Historically, events in the Gulf region have added anywhere from $3–$7 per barrel in geopolitical premium, and traders are preparing for that scenario again.

OPEC+ Output Strategy and Saudi Pricing Tactics

Overlaying the geopolitical spike is the ongoing OPEC+ supply policy. After signaling a potential collective increase of 550,000 barrels per day for October, the group delivered just 137,000 barrels per day, managing expectations but still loosening cuts. Saudi Aramco responded by cutting its official selling price for October Asian deliveries by $1 per barrel, with Arab Light now set at a $2.20 premium over Oman/Dubai. The cut was larger than expected and highlights Riyadh’s concern about weakening Asian demand. With China’s oil stockpiling continuing but EV adoption suppressing gasoline demand growth, Saudi Arabia appears willing to trade price for market share.

Bearish Voices Emerge Amid Supply Overhang Concerns

Shipping executives, including Maersk’s oil trading head, warned at the Asia Pacific Petroleum Conference that risks lean to the downside, citing sluggish demand and excess supply from Russia and U.S. shale. Goldman Sachs flagged the possibility of a 1.9 million barrel per day surplus next year, which could drag Brent crude back to $55 per barrel. S&P Global echoed the warning, noting that OECD inventories remain 100 million barrels below the five-year average, but contango structures could widen quickly if stockbuilding accelerates.

Refinery Disruptions and Regional Supply Shocks

Complicating the balance are disruptions in Russia and Nigeria. Ukrainian drones have hit Rosneft’s key refineries, temporarily halting processing and reducing export-ready volumes. In Nigeria, unions have called for strikes at the 650,000 bpd Dangote refinery over labor disputes, threatening near-term regional fuel supply. These interruptions, although episodic, inject additional volatility into physical markets already rattled by OPEC+ decisions and Middle Eastern risks.

WTI and Brent Technical Structure

Technically, WTI crude (CL=F) is testing a double-bottom pattern near $62, with resistance layers stacking at $65 and $66. A decisive break above $66 would target $67.50–$68.00, while failure to hold $62 could drag prices toward $60. Brent (BZ=F) is moving in a similar structure, with a range defined by $65 support and $70 resistance. Both contracts are holding above immediate support levels, but momentum remains fragile, with short-covering responsible for much of the recent bounce.

Macro Backdrop and Currency Linkages

U.S. nonfarm payroll revisions, which revealed a loss of 911,000 jobs, reinforced expectations of a September Fed rate cut, sending the dollar lower and boosting commodities priced in USD. At the same time, gold surged past $3,674 per ounce, underscoring the search for havens during geopolitical stress. Oil benefitted in the short term, but the fundamental drag from weak macro data means demand forecasts may not justify sustained rallies.

China and India as Swing Buyers

China continues to stockpile crude aggressively, lifting imports since March, but the move is less about demand recovery and more about building reserves. Analysts warn Chinese demand growth could peak by 2027, with EV adoption already displacing 580,000 barrels per day of gasoline equivalent this year. India, meanwhile, is doubling down on discounted Russian barrels, defying Western pressure, and securing long-term supply contracts. These divergent strategies illustrate Asia’s outsized role in setting marginal demand, but also point to limits on upside for Brent as peak demand debates accelerate.

Verdict on Oil (CL=F, BZ=F)

Oil prices are being propped up by geopolitics rather than fundamentals. With WTI at $63.11 and Brent at $66.89, near-term rallies hinge on whether the Israel–Qatar escalation deepens or whether OPEC+ signals further restraint. Structural risks remain to the downside, with forecasts of Brent sliding back toward $55 if oversupply accelerates into 2026. The verdict for now is Hold, as short-term geopolitical premiums keep oil elevated, but long-term risk-reward tilts bearish unless demand outpaces the looming wave of supply from OPEC+, U.S. shale, and LNG expansions.

That’s TradingNEWS

Oil Prices Struggle Between Oversupply and Geopolitical Premium

The crude complex continues to trade inside a fragile balance as supply additions from Iraq, Libya, and Kuwait battle against escalating geopolitical flashpoints in Eastern Europe and the Middle East. West Texas Intermediate (CL=F) slipped to $62.49 per barrel, down 0.3% on the day, while Brent (BZ=F) eased to $66.44, also down 0.4%. Despite headlines of Russian airspace incursions over Estonia and fresh strikes on Ukraine, traders are refusing to lift crude above its resistance zone near $67, signaling that oversupply fears carry greater weight than the risk premium.

WTI Crude Testing $62 as Market Eyes $60 Floor

U.S. benchmark WTI has repeatedly tested the $62 support, a level that has been in play since early August. If the market fails to defend this zone, the next target becomes $60, widely viewed as the line where U.S. shale economics begin to wobble. Technical charts show resistance stacked at $65 per barrel, with the 50-day moving average capping rallies. A breakdown below $62 could trigger algorithmic selling, exposing the $59–$60 corridor. The price structure has turned fragile enough that even mild inventory builds in this week’s EIA report could drive WTI into the high $50s.

Brent Crude Stuck in $65–$69 Range

Brent futures remain boxed between $65 and $69 per barrel, a sideways trade that has persisted for seven weeks. Today’s $66.44 print reflects both demand headwinds and unexpected supply resilience. Resistance remains clustered around $67–$67.50, with the 200-day moving average looming near $68.80. Without a supply cut from OPEC+ leaders, Brent risks a retracement to $63, a level not seen since July. Traders highlight that even geopolitical escalations in Israel, Gaza, and Eastern Europe failed to spark sustainable upside, a clear indication that fundamentals are overshadowing risk headlines.

Iraq’s Surge to 3.45 Million Barrels Per Day Pressures Market

Iraq has pushed exports to 3.4–3.45 million barrels per day in September, its highest level in months, after OPEC+ relaxed quotas. Baghdad is also preparing to restart pipeline flows from Kurdistan through Turkey, which could return another 400,000 barrels per day to global supply. The increased Iraqi presence comes as Kuwait confirmed a crude capacity of 3.2 million bpd, the largest in more than a decade. These additions come at a time when demand forecasts into Q4 2025 are softening, adding further weight to bearish sentiment.

Libya Boosts Output to 1.39 Million Bpd

Libya’s National Oil Corporation confirmed production of 1.388 million barrels per day, a sharp recovery aided by returning international partners such as BP, Shell, Chevron, and TotalEnergies. Condensate output of 52,730 barrels and 2.57 billion cubic feet of gas further emphasized the rebound. The government has targeted 2 million bpd by year-end, and if realized, that would flood markets at a time when both Brent and WTI are already struggling to maintain support. Indian refiners have stepped up purchases, and European imports of Libyan crude surpassed $22 billion in 2024, underscoring Libya’s growing influence.

Iran Gas Export Slump Raises Energy Security Questions

While oil flows grow, Iran’s gas exports to Iraq have collapsed, constrained by U.S. sanctions, decaying pipelines, and Iraq’s drive to increase its own domestic production. The disruption has left Baghdad scrambling to secure power generation during peak periods, potentially redirecting some demand back into crude oil for domestic use. For markets, the collapse in Iranian gas flows carries symbolic weight — it reinforces the fragility of Middle Eastern energy supply chains. Yet despite this geopolitical fragility, Brent failed to hold above $67.15 when tested, a signal that traders remain more focused on physical crude balances than regional instability.

Russia and Middle East Geopolitics Fail to Ignite Rally

Russian fighter jets entering Estonian airspace, ongoing attacks on western Ukraine, and Western recognition of a Palestinian state all injected volatility into global headlines. Normally, such events would spark sharp crude rallies, but the absence of sustained buying shows that traders are discounting politics without direct supply losses. WTI and Brent retreated almost immediately after knee-jerk gains, reinforcing the bearish undertone. Brent, which briefly tested $67.15, slid back under $66.50 by midday.

Macro Pressures and the Federal Reserve Overhang

Monetary policy is adding another layer of weakness. Federal Reserve officials have pushed back against the need for additional rate cuts despite inflation running above 2%. That keeps the U.S. dollar strong and caps global oil demand. Earlier this month, dovish bets briefly drove WTI above $65, but with Fed rhetoric shifting, crude lost its monetary tailwind. Unless macro conditions change, oil prices will remain tied to physical oversupply rather than speculative relief rallies.

Buy, Sell, or Hold on Crude at Current Levels

With WTI at $62.49 and Brent at $66.44, the market sits on critical support zones. Iraq and Libya’s aggressive production adds bearish momentum, while Iran’s fragility and Russian geopolitical tensions provide only temporary spikes. The most realistic scenario is further range-bound trade with downward bias. If China steps up stockpiling as it did in September, support could hold and drive Brent back toward $69. But without that demand, both benchmarks risk slipping lower. Based on the balance of data, the outlook is cautiously bearish, leaning Hold, with a potential test of $60 for WTI and $63 for Brent in the near term.

That’s TradingNEWS

Natural Gas Futures (NG=F) Under Pressure as Storage Surplus Expands

Natural gas futures are once again trading soft, with the October contract settling Friday at $2.888/MMBtu, down nearly 1.8% on the week. The U.S. Energy Information Administration reported a +90 Bcf storage injection for the week ending September 12, well above both the consensus of +78 Bcf and the five-year average of +74 Bcf. Total inventories now stand at 3,433 Bcf, which is 204 Bcf, or 6.3%, above the five-year seasonal norm, leaving the market oversupplied even as year-on-year comparisons show only a marginal 0.1% shortfall.

Oversupply and Production Trends Keep NG=F Below $3

Supply-side dynamics remain a key drag on NG=F pricing. Lower-48 dry gas output reached 107.6 Bcf/d, up 6.1% year-over-year, while Canadian imports are stable. LNG exports of 15.3 Bcf/d remain firm but insufficient to absorb the excess supply, particularly as domestic consumption has weakened. U.S. consumption fell to 98.5 Bcf/d last week from 99.6 Bcf, with residential and commercial demand sliding as September temperatures turned mild. The only bright spot has been the power sector, where gas-for-power demand has held up, but cooling needs are now waning as forecasts point to cooler temperatures across major demand centers beginning September 24.

Technical Analysis: NG=F Struggles to Hold Key Support

Price action shows natural gas futures consolidating within a narrow retracement zone. Support at $2.887 has been tested multiple times in early trade, with failure to hold likely exposing a deeper decline toward $2.70–$2.65/MMBtu, where a longer-term trend line dating back to February 2024 resides. To the upside, bulls need to retake the $2.947–$3.01 cluster, which includes the 50-day EMA at $3.00. Above this, resistance lies at $3.20, a level that has consistently capped rallies this month. Momentum indicators remain weak: RSI sits at 38, showing bearish control, while MACD remains in negative territory, highlighting the lack of conviction for a reversal.

Seasonal Factors and Contract Roll Shape Near-Term Outlook

The transition from October to November contracts adds another element to price action. November futures tend to reflect higher demand expectations as winter approaches, yet current weather forecasts are not providing the spark bulls need. Late-season warmth is fading, but cooler conditions are arriving too slowly to offset the pressure of storage builds. With injection season still in play and stockpiles running above norms, traders remain cautious. Some market participants expect prices could dip toward $2.70 before finding stronger buying interest aligned with heating demand.

Global LNG and Export Capacity Set to Influence 2026 Pricing

Longer-term fundamentals remain more constructive. The EIA projects U.S. Henry Hub prices will average $3.70/MMBtu in Q4 2025, climbing toward $4.30 in 2026. Growth in LNG capacity, with projects such as Corpus Christi Stage 3 and Plaquemines Phase 2 adding up to 6 Bcf/d by late 2026, is expected to absorb more domestic supply. U.S. LNG exports are forecast to rise from 12 Bcf/d in 2024 to 15 Bcf/d in 2025 and 16 Bcf/d in 2026, with Asian demand leading the growth. This dynamic should gradually rebalance the oversupply and keep natural gas prices firming into the medium term.

Market Verdict: Bearish Short Term, Bullish Mid Term

At present levels near $2.89, natural gas futures remain under bearish pressure as storage surpluses and mild weather cap any rally attempts. The short-term risk leans toward a test of $2.70–$2.65, while a break above $3.01 could enable a corrective move toward $3.20. Structurally, however, expanding LNG exports, resilient industrial demand, and the transition into winter favor firmer pricing into late 2025 and 2026. Based on current data, NG=F is a Hold in the short term with a Buy bias into 2026, as global demand growth and export capacity expansion offer a more supportive backdrop than current storage-heavy conditions suggest.

That’s TradingNEWS

XAU/USD Current price: $3,736.92

• Financial markets keep digesting the latest Fed decision and dropping the US Dollar as a result.
• American data spread throughout the week should confirm or deny speculative interest perspectives.
• XAU/USD is again overbought, but there are no technical signs of upward exhaustion.

Spot Gold keeps rallying to record levels, reaching $3,73 a troy ounce on Monday and holding nearby in the American session. Despite a generalized optimism, demand for the bright metal continues amid broad US Dollar (USD) weakness.

Financial markets are still digesting the latest United States (US) Federal Reserve (Fed) monetary policy announcement. The US central bank lowered the benchmark rate as expected in the September meeting, and hinted at additional cuts in November and December. American data scheduled for this week will help speculative interest confirm or deny their beliefs on the matter.

S&P Global will publish the preliminary estimates of the September Purchasing Managers’ Indexes (PMIs) on Tuesday, anticipated to show business activity expanded at a healthy pace. The final Q2 Gross Domestic Product (GDP) estimate will be out on Thursday, while on Friday, the country will release updated Personal Consumption Expenditures (PCE) Price Index figures, the Fed’s favorite inflation gauge.

XAU/USD short-term technical outlook

The XAU/USD pair is firmly up for a second consecutive day, and technical readings in the daily chart suggest further advances are still in the docket. The Relative Strength Index (RSI) indicator bounced from its 70 line, and maintains a strong upward slope within overbought readings. At the same time, the Momentum indicator consolidates well above its 100 line, lacking directional strength. Finally, the pair runs beyond bullish moving averages, with the closest being the 20 Simple Moving Average (SMA) at around $3,581.

The 4-hour chart for XAU/USD shows technical indicators are partially losing their bullish slopes after reaching overbought readings, still holding within extremes and without signs of changing course. At the same time, the bright metal runs beyond all its moving averages, with a mildly bullish 20 Simple Moving Average (SMA) hovers around $3,674.00, while the 100 and 200 SMAs accelerated north well below the shorter one.

Support levels: 3,724.10 3,707.80 3,691.50

Resistance levels: 3,750.00 3,765.00 3,780.00