The U.S. dollar's rise paused, and spot gold fluctuated sharply. The U.S. Department of the Treasury announced sanctions on two major Russian oil companies.

On October 23, in early Asian trading on Thursday, Beijing time, the U.S. dollar index was hovering around 98.95. On Wednesday, the U.S. dollar index paused after rising for three consecutive days. It once rose above the 99 mark during the session, and finally closed down 0.08% at 98.89, a new weekly low. U.S. bond yields consolidated at low levels, with the benchmark 10-year U.S. bond yield finally closing at 3.9510%, and the 2-year U.S. bond yield, which is sensitive to the Federal Reserve's policy interest rate, closed at 3.4510%. As investors took profits before the release of key inflation data in the United States, spot gold once fell below US$4,010, then rebounded to around US$4,100, and finally closed down 0.63% at US$4,098.06 per ounce; spot silver finally closed down 0.46% at US$48.44 per ounce. Bessant said that he would "significantly increase" sanctions against Russia. Subsequently, the U.S. Department of the Treasury announced sanctions on two major Russian oil www.stofoco.companies, and international oil prices rose sharply. WTI crude oil finally closed up 3.13% at US$59.37/barrel; Brent crude oil finally closed up 4.33% at US$64.36/barrel.

Analysis of major currency trends

U.S. dollar index: As of press time, the U.S. dollar is hovering around 98.95. The recent rally has paused near a key support zone as the U.S. government shutdown disrupts the release of economic data and traders are cautious, with Friday's delayed CPI report becoming the next important factor in determining the trend. Technically, the U.S. Dollar Index is trying to settle above resistance at 98.85–99.00. If this attempt is successful, the USD Index will move towards the next resistance level, which is located at 100.00–100.15interval.

Euro: As of press time, EUR/USD is hovering around 1.1603. Geopolitics is dominating the narrative in financial markets as U.S.-China trade tensions remain high and the lack of resolution to the Russia-Ukraine conflict also weighs on the www.stofoco.common currency. The cancellation of a meeting between Putin and Trump in Budapest limited the euro's gains. Technically, if EUR/USD manages to close below the support level of 1.1585–1.1600, it will head towards the next support level, which is located in the 1.1505–1.1520 range.

GBP: As of press time, GBP/USD is hovering around 1.3344. Traders will take a breather on the economic data front until a batch of key data is released on Friday, including updates from the UK and US. Technically, a break below the support levels at 1.3330–1.3350 will open the way to a test of the next support levels at 1.3235–1.3250.

Gold and crude oil market trend analysis

1) Gold market trend analysis

In the Asian market on Thursday, gold hovered around 4077.59. Gold prices fell to near two-week lows as investors took profits ahead of key U.S. inflation data this week. The gold market is currently in a www.stofoco.complex environment intertwined with multiple factors. In the short term, profit-taking and technical adjustments may continue to put pressure on gold prices, but expectations of a Federal Reserve interest rate cut, geopolitical risks and the uncertainty caused by the U.S. government shutdown have jointly provided bottom support for gold prices. Technically, the 21-day moving average of $4,005 will become a key support level. If the price of gold can hold this level, it may usher in a new round of rising opportunities in the short term.

Technical aspect: Spot gold is at risk of falling further, especially if the $4,000 mark falls. The daily chart shows the pair bouncing off support from the bullish 20-day simple moving average (SMA), but the 100- and 200-day SMAs remain below their shorter-term moving averages, maintaining their bullish slope. Meanwhile, technical indicators continue their downward trend, heading south within positive territory.

2) Crude oil market trend analysis

On Thursday’s Asian session, crude oil was trading around 59.94. U.S. President Donald Trump's administration has imposed sanctions on major Russian oil www.stofoco.companies and accused the Russians of lacking www.stofoco.commitment to ending the war in Ukraine, Reuters reported on Wednesday. against RussiaThe sanctions could limit its crude oil exports to global markets, raising concerns about tightening global supplies and pushing up WTI prices.

Technical aspect: Oil prices began to rebound after falling to the lower edge of the box. They have now rebounded to near the mid-track, following the same trend from April to June. If the subsequent oil price stands at 58.48, it is expected to continue to rebound.

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