Gold Price Forecast: Oil Near $110 Tests Bullion’s Rebound as Fed Hike Bets Fade - FXLeaders

AI desk brief

Gold opened the week firmer, with December futures up 0.4% to $4,196.40 and spot gold up 0.3% to $4,175.60, as October Fed hike odds faded to 16% while December odds stayed high at 92%. Lower U.S. yields, a near-2-week-low dollar, and renewed oil strength near $110 are supporting bullion, though the move is still framed as a relief rally rather than a fresh structural breakout.

The article flags a tight trading range of $4,075-$4,221, with resistance at $4,185 and the 100-day moving average at $4,240, while support sits near $4,053.65. Central banks bought 39t in August, China added 23t in September, and global gold ETF holdings hit a record 4,256t at end-September, helping underpin the downside even as momentum remains soft (RSI 45.92).