Key facts
- Brent: $109.92, −2.81%
- XAU/USD: $3,914.90, +1.01%
- Goldman reportedly raised its December Brent forecast to $105
- Deutsche Bank is the lone economist forecasting an RBA hold, versus 31 of 32 expecting a hike
Oil softened on Doha diplomacy while gold bounced off a one-year low.
Brent trades at $109.92, down −2.81%, as diplomatic talks in Doha ease near-term supply concern even as Goldman reportedly lifted its December Brent forecast to $105 on Middle East and Russia risk. Gold is at $3,914.90, up +1.01%, recovering some ground after a reported slide to a one-year low that margin calls are said to have amplified. Traders may also watch a rare divergence in RBA expectations, with Deutsche Bank the lone forecaster of a hold against 31 of 32 economists expecting a hike.
Brent slips as Doha diplomacy eases near-term supply worry
Brent trades at $109.92, down −2.81%, as talks in Doha reduce near-term concern over supply disruption.
Yet Goldman reportedly raised its December Brent forecast to $105, citing Middle East and Russia risk.
Gold rebounds as margin calls are cited in prior one-year low slide
XAU/USD trades at $3,914.90, up +1.01%, recovering after a reported slide to a one-year low.
Margin calls are said to have amplified that earlier move, separate from the RBA rate divergence now in focus.
Traders may watch Brent support and gold resistance levels next
Brent's nearest support sits at $109.20, while gold's nearest resistance is at $4,031.57.
The ISM Manufacturing PMI (Oct) on Mon 2 Nov could also shape dollar sentiment feeding into both markets.
The markets in focus
- XAU/USD: $3,914.90 +1.01%
- Brent: $109.92 −2.81%
What to watch
- Whether Brent holds above its nearest support at $109.20: a break below could suggest the Doha-driven easing is extending, while a bounce may reflect Goldman's higher forecast narrative.
- Whether XAU/USD can clear resistance at $4,031.57: a move through this level could ease concern that margin-call selling is still dominating gold's price action.
- ISM Manufacturing PMI (Oct), Mon 2 Nov 14:00 UTC: a weak or strong reading could shift USD sentiment, which may feed through to both gold and oil pricing.
Educational information only. Not investment advice. Trading involves risk of loss.