Spot gold staged a rebound after finding buyers near the 4076.00 support floor yesterday, now hovering right at the 4123.00 bull-bear pivot. As price action remains a technical bounce from oversold conditions, whether bulls can decisively clear and hold 4123 will dictate whether the downtrend resumes or a broader reversal takes hold.

As of 13:58 Beijing time, spot gold traded at $4,117.78 per ounce, up $7.07 or 0.17% intraday. After an early-session spike to $4,143.36, bullion retreated swiftly back toward $4,117, signaling intensified short-term contention between bulls and bears.

The Federal Reserve's September FOMC minutes signaled that another rate hike may be needed before year-end. Combined with multi-decade high Treasury yields and a robust dollar, spot gold slid to a two-month low of $4,066.30 before recovering toward $4,124, with PBOC's 23rd consecutive month of gold purchases and geopolitical turmoil providing critical baseline support.

Escalating Middle East conflicts and elevated Strait of Hormuz transit risks failed to fully counter hawkish September FOMC minutes and multi-decade high Treasury yields, dragging spot gold to a two-month low of $4,066.49 on Wednesday. Prices have since staged an oversold bounce back above $4,120, entering a pivotal short-term inflection zone.

Spot gold established a bullish reversal structure on the 1-hour chart after sweeping bottom liquidity and staging a strong upward push. With price currently hovering near 4134.80, bullion is retesting the core 4120-4128 support gap with preliminary signs of stabilization, shifting intraday focus to buying dips within 4125-4135.

US Vice President JD Vance emphasized that Iran must substantively curtail its uranium enrichment capabilities as a prerequisite for peace talks, dimming market hopes for a near-term ceasefire and the reopening of energy transit routes. Pressured by persistent inflation concerns and higher borrowing costs, spot gold dropped over $30 from session highs to hover near $4,132, with 30-minute technical indicators pointing to a Strong Sell.