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Gold pulls back toward $4,040 to $4,050 as oil and yields rise
OCBC analysts link the move to Brent pushing above $100 and higher US dollar and Treasury yield expectations, leaving gold exposed to both geopolitical and rate-related drivers.
OCBC analysts Sim Moh Siong and Christopher Wong said gold has retreated toward USD 4,040 to USD 4,050 after briefly trading above USD 4,160. The pullback followed a rise in Brent that pushed above USD 100, alongside gains in the US dollar and US yields.
They said golds tentative recoupling with geopolitical risk remains fragile, with the metal trading mainly through the oil and rates channels. In their view, the reversal also suggests earlier signals of a more durable geopolitical linkage have not held yet.
OCBC noted losses were broad-based across the precious metals complex, with silver, platinum, and palladium all falling. The analysts cited two-way risks around nearby support and resistance, with resistance at 4,070 (21 DMA) and 4,167, and support at 4,000 and 3,960.
They added that mild bullish momentum on the daily chart remains intact, but the RSI has fallen, reinforcing the view that the outlook is not one-way.
Latest closeGold $4,051.10 ▼2.3%|Silver $57.84 ▼3.6%|Platinum $1,602.00 ▼2.5%