Weekly Review: XAUUSD, #SP500, #BRENT | 23 October 2026
XAUUSD: BUY 4176.48, SL 4116.48, TP 4326.48
Falling oil prices support gold through rate expectations: reduced energy pressure lowers the risk of immediate Fed tightening. Simultaneously, buying US bonds reduces their yields, diminishing the interest advantage over metal. This combination this week creates conditions for a recovery in demand for XAUUSD.
Uncertainty surrounding energy supplies and transport security in the Middle East provides support. However, high US inflation leaves room for further rate hikes, even if the next meeting ends with a pause. A resumption of rising yields and dollar strength would weaken this scenario; as long as money costs do not intensify pressure, the weekly idea of gold growth remains valid.
Trading Idea: BUY 4176.48, SL 4116.48, TP 4326.48
#SP500: BUY 7722, SL 7642, TP 7882
For US stocks, corporate earnings will be the main test of the week. After the tech sector sell-off, investors need to see that company revenues can justify large AI-related expenses. Falling bond yields and oil prices ease financial conditions and business costs, providing support for #SP500 ahead of results publication.
Concerns about the debt load of AI companies persist: weak profit forecasts could outweigh the benefits of cheaper energy. Therefore, morning sentiment improvement does not yet confirm sustained growth for the whole week. The base scenario allows for index recovery with convincing earnings and a calm debt market; deteriorating company forecasts will be the main risk to this idea.
Trading Idea: BUY 7722, SL 7642, TP 7882
#BRENT: SELL 105.72, SL 109.22, TP 98.02
The oil market begins the week by revising supply expectations. Reports of easing US restrictions on Russian supplies have strengthened hopes for increased fuel availability. However, the conditions and timing remain uncertain: expecting additional volumes does not mean actual export growth. For #BRENT, this creates pressure through reduced deficit fears.
Improved Chinese data supports demand assessment, while shipping threats in the Middle East maintain disruption risks. These factors limit downside potential and make the scenario sensitive to news. If supply availability improves without new major disruptions, the weekly priority will remain on falling oil; intensified attacks on transport could change this conclusion.
Trading Idea: SELL 105.72, SL 109.22, TP 98.02