【Morning session】High uncertainty Gold prices continue to rise

Gold :

Last Friday (October 3), the U.S. September non-farm payroll data was delayed due to the government shutdown. While the Labor Department confirmed it would release the employment figures immediately upon reopening, the exact timeline for ending the shutdown remains uncertain. This uncertainty could delay other economic data releases and potentially disrupt the Federal Reserve's interest rate cut cycle in the short term. Over the medium to long term, such developments may lead to further depreciation of the U.S. dollar.
Fed Governor Richard Milian believes the Fed has plenty of room to cut rates and is still a long way from the zero rate floor.

Plotio good special wisdom rise research senior analyst Chen Yu think： geopolitical uncertainty and the lack of credit in the dollar will continue to support gold prices.
Technical Analysis: On the weekly chart, the market closed higher with bullish momentum. The 4-hour chart shows potential for upward breakout opportunities, with short-term bullish positions holding the upper hand. Today's focus should be on support around $3,892.

Gold hourly chart

Oil:

OPEC+ announced on Sunday (October 5) that its eight member countries will increase production by an additional 137,000 barrels per day in November, with their next meeting scheduled for November 2. The group has been continuously raising output since April this year, signaling a strategic shift from maintaining crude oil market stability to reclaiming lost market share.
On the demand side, the traditional peak season in the US has ended and many refineries in Europe and the US are in maintenance, which will not help improve crude oil demand.
The Gaza Strip media office said Israeli forces had killed 70 people in a single day with 93 attacks on the Gaza Strip. Hamas has yet to respond to the previous U.S. President's 20-point ceasefire agreement. Geopolitical uncertainty will provide some support for oil prices.
Technical Analysis: Weekly chart patterns indicate a bearish close, signaling short-term market weakness. Technical indicators show the rebound has stalled at the 20-day moving average, with bearish forces currently in control. Key technical levels to watch today include resistance around $62.58 and support near $60.

Crude oil hourly chart

Copper :

On the daily chart, recent trading sessions have shown strong upward momentum with volatile fluctuations. Technical analysis indicates the market has successfully broken through the previous consolidation range, suggesting potential upside potential. The 20-day and 62-day moving averages have formed a golden cross, indicating bullish outlook. Key support level to watch today is $4.97.

Nikkei 225:

On the daily chart, the market has recently shown strong momentum with a steady upward trend along the 20-day moving average. The 4-hour chart shows a bullish breakout from previous highs, maintaining upward pressure. However, investors should remain cautious about potential short-term pullbacks. Key support levels to watch today include the 47,411 area.

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