Spot gold traded near $4,195 an ounce on Sunday, up about $63 or 1.5%, after Friday's 1.47% climb lifted bullion off a two-month low near $4,090 touched on Wednesday. ET Now put spot gold at $4,194.40, up $62.88, with spot silver near $60.82 an ounce. Convex Trade showed Brent crude at $104.72 a barrel, up 2.42% on the week and down 2.04% on the month, against a prior settlement of $104.28.
Bullion still trades below its 20-day and 50-day averages
The rebound has not repaired the chart. A macro note from RM Intelligence put gold at 4,195.60 against a prior close of 4,136.59, still below the 20-day average of 4,246.65 and the 50-day average of 4,355.48, with a 14-day RSI of 33. The dollar remains a headwind: the DXY index stood at 102.21, above its 20-day average of 101.14, and the U.S. 10-year real yield of 2.90% raises the opportunity cost of holding a non-yielding metal. Positioning is lighter after the recent slide, with CFTC managed money net longs at 110,987 COMEX gold contracts in the week to 6 October, and the 20-session range runs from 4,071.11 to 4,418.00. On oil, Brent's weekly gain keeps the market tight after Friday's session, when Brent settled at $103.53 and WTI at $90.97 as Hurricane shut-ins covered 62.9% of Gulf output. Those expecting gold below $4,000 this week saw no such decline. The first test for bulls is the 20-day average near $4,247; the first test for bears is Wednesday's low near $4,090. See also last week's Brent and gold coverage.