Gold Highlights
On Monday, gold prices tumbled 1.6%, hitting an intraday low of $3,341.25 per ounce—the lowest in over a week. December gold futures closed 2.5% lower at $3,404.70 per ounce.
Last Friday, reports suggested that Washington might impose country-specific import tariffs on bullion with the highest trading volumes in the US. This briefly sent gold prices surging to record highs as investors rushed to hedge against potential trade friction. However, during New York trading hours, the White House clarified that the reports on bullion tariffs were “misinformation,” prompting gold to give up its gains.
Jim Wyckoff, Senior Analyst at Kitco Metals, noted that once this uncertainty faded, market sentiment turned bearish, leading traders to offload positions and shift focus to other potential gold-supportive factors such as prospects of Federal Reserve rate cuts.
Gold – Technical Outlook
Gold – Today’s Outlook
Maintain a trend-following approach in line with the main market bias.
- Upside Resistance: $3,405–$3,400
- Downside Support: $3,390–$3,400
Crude Oil Highlights
International oil prices edged higher as the US and a major Asian nation extended their tariff suspension agreement by 90 days, easing trade concerns. Market optimism also grew ahead of an upcoming US-Russia meeting, which could potentially reduce risks of disruptions to Russian oil supplies.
Brent crude futures were flat at $66.65 per barrel, while US WTI crude futures inched up to $63.89 per barrel.
Attention is now turning to the August 15 meeting between the US President and the Russian President in Alaska, aimed at seeking a resolution to the Russia–Ukraine conflict and avoiding tougher secondary sanctions on buyers of Russian oil, including major Asian nations and India.
Daniel Hynes, Senior Commodity Strategist at ANZ, said: “Any peace agreement between Russia and Ukraine would remove a long-standing risk of Russian oil supply disruptions in the market.”
From a technical perspective, crude prices held above the $63 level yesterday, staging a choppy rebound. In US trading, prices briefly broke above $64.40 before retreating, ending the day with a modest recovery. Overall, oil prices remain in a narrow, mixed-recovery pattern.
Crude Oil – Technical Outlook
Crude Oil – Today’s Outlook
Wait patiently for key levels before entering positions.
- Upside Resistance: $64.5–$64.7
- Downside Support: $63.5–$63.8
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Disclaimer
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