Core Insights - The article discusses the recent surge in gold prices, with spot gold trading around $4020 per ounce and reaching a record high of $4059.07 per ounce due to geopolitical and economic uncertainties, as well as expectations of interest rate cuts by the Federal Reserve [1][4] - The article highlights the impact of the Federal Reserve's monetary policy shift, with traders betting on an over 80% probability of a 25 basis point rate cut in the upcoming meeting [1] - The analysis also covers the technical aspects of gold and oil prices, suggesting a bullish outlook for gold and a mixed outlook for oil, with specific support and resistance levels provided for trading strategies [3][5] Gold Market Analysis - Spot gold prices have recently surpassed the $4000 mark, marking a significant milestone in the market [1] - The surge in gold prices is attributed to increased demand for safe-haven assets amid rising geopolitical tensions and economic uncertainty [1] - Technical analysis indicates that gold remains in a strong bullish trend, with key support levels identified between $4000 and $3990, and resistance levels between $4048 and $4058 [3] Oil Market Analysis - West Texas Intermediate (WTI) crude oil is trading around $62 per barrel, with recent price increases driven by expectations of continued sanctions on Russia and strong U.S. oil consumption [4] - The American Petroleum Institute (API) reported a significant increase in crude oil inventories, which contrasts with declines in gasoline and distillate inventories, indicating a supply-demand mismatch in the energy market [4] - Technical analysis suggests a mixed outlook for oil prices, with short-term support levels identified between $61.0 and $60.0, and resistance levels between $63.5 and $64.5 [5]