Commodities today: oil continues to fall, gold and metals in red

UCapital Media

Overview

The global commodities market as of late October 2025 is characterized by elevated volatility and divergent performance across core assets, namely WTI crude oil (CL=F), Brent crude oil (BZ=F), gold (GLD), silver (SLV), and platinum (PLTM). Technical indicators, shifting geopolitical dynamics, and macroeconomic signals are driving rapid changes in sentiment and price action. While oil markets contend with oversupply risks and policy-driven volatility, precious metals remain buoyed by persistent safe-haven demand, and platinum exhibits relative strength on unique supply–demand fundamentals.

Technical Analysis

WTI Crude Oil

WTI crude oil is currently priced at 60,49 per barrel. The commodity is trading near its 50-day Simple Moving Average (SMA) of 62.17 and above the 200-day SMA of 58.65, suggesting a consolidative phase. The Relative Strength Index (RSI) at 47.37 indicates neutral momentum. Support is identified at 60.09, with resistance at 64.89. This technical configuration implies potential for directional breakouts, with a move above resistance likely to trigger bullish momentum, while a drop below support would reinforce a bearish outlook.

Brent Crude Oil

Brent crude oil trades at 64,06 per barrel, closely aligned with its 50-day SMA of 65.30 and above the 200-day SMA of 62.59. The RSI stands at 49.60, also reflecting neutral sentiment. Key support is at 62.59 and resistance at 66.23. The proximity to moving averages and neutral RSI suggest a market in balance, awaiting a catalyst for directional movement.

Gold

Gold is currently valued at 3.928,86 per ounce, trading above its 50-day SMA of 4,122.84 but below the 200-day SMA of 4,210.25. The RSI at 64.06 signals moderate bullish momentum. With support at 4,122.84 and resistance at 4,145.73, the technical posture favors further gains if resistance is breached, though a reversal below support could prompt a modest correction.

Silver

Silver is currently priced at 46,135 per ounce. The 50-day SMA is 48.361 and the 200-day SMA is 50.162. The RSI at 64.06 suggests bullish momentum. Support is at 48.361, with resistance at 48.572. Given the price is above the 50-day SMA and momentum is positive, silver may extend recent gains if resistance is overcome.

Platinum

Platinum is quoted at 1.531,95 per ounce, trading near its 50-day SMA of 1,592.36 and under the 200-day SMA of 1,611.16. Its RSI at 49.60 is neutral. The support zone is at 1,588.38, and resistance at 1,601.76. This setup points to a consolidative trend, with a breakout above resistance suggesting upside potential.

Geopolitical and Market Factors

Geopolitical events remain the principal drivers of volatility in both oil and precious metals markets. OPEC+ is considering a modest output increase in December, which has contributed to recent softness in oil prices as investors anticipate potential oversupply. Meanwhile, U.S. sanctions targeting Russian oil giants Lukoil and Rosneft have tightened global supply, resulting in a notable 5 increase and shifting the oil market structure into backwardation, reflecting short-term supply tightness.

Trade tensions, particularly renewed tariff threats between the U.S. and China, have further compounded volatility, with direct consequences for oil demand expectations and price swings. In contrast, the ceasefire between Israel and Hamas has reduced the risk premium in oil, contributing to a more stable near-term outlook.

For precious metals, macroeconomic uncertainty, persistent inflation risk, central bank accumulation, and global political instability continue to drive safe-haven demand. The prospect of U.S. Federal Reserve rate cuts, a weakening U.S. dollar, and robust ETF inflows have underpinned recent rallies in gold and silver, while platinum benefits from unique supply constraints and industrial demand.

Short-Term Outlook

The short-term outlook for WTI and Brent crude oil is consolidative, with prices hovering near key moving averages and technical support levels. Oversupply risks—amplified by potential OPEC+ output increases and a reduced risk premium—may cap upside potential unless new geopolitical disruptions emerge. However, the impact of U.S. sanctions on Russian oil and sporadic supply shocks could provide temporary support.

Gold and silver are expected to retain their bullish bias, supported by strong safe-haven flows and favorable macroeconomic conditions. Both assets are trading above critical technical thresholds, with momentum indicators pointing to continued resilience. Short-term corrections are possible, particularly if technical resistance holds, but the prevailing trend remains upward.

Platinum's consolidative pattern suggests it is poised for a directional move, contingent on broader market sentiment and supply–demand shifts. A breakout above resistance would affirm renewed bullishness, while failure to hold support could invite further consolidation.

Latest News and Events

Recent developments underline the decisive influence of policy and geopolitical events on commodity markets. OPEC+ output plans and U.S.-China trade dynamics have dominated oil headlines, driving sharp fluctuations in both WTI and Brent. U.S. sanctions on Russian oil producers have tightened supply, leading to a backwardation in oil futures and a short-term price surge.

Precious metals have responded to macroeconomic uncertainty and safe-haven flows, though brief corrections have occurred as markets digest Federal Reserve policy signals and recalibrate risk expectations. Notably, silver has approached a 13-year high, and platinum experienced a historic price surge earlier in the year.

For further insights, readers may reference:

Conclusion

In summary, the main commodities are navigating a landscape shaped by fragile technical setups, shifting geopolitical forces, and changing macroeconomic sentiment. WTI and Brent crude oil remain in consolidation, sensitive to output decisions and geopolitical flashpoints, with a cautious bias prevailing absent fresh catalysts. Gold and silver maintain strong bullish momentum, underpinned by safe-haven demand and robust technicals, while platinum’s consolidative trend could resolve in either direction based on supply–demand dynamics. Vigilant monitoring of technical indicators, policy actions, and geopolitical events remains essential for interpreting near-term trends in these volatile markets.

Please note that the analysis is for informational purposes only and does not constitute financial advice. Users should conduct their own research.