- Crude Oil
Oil fell 5% last week, its biggest drop since June, before a meeting between the US and Russian leaders on Friday, which is raising the prospect of an end to the war in Ukraine and more supply.
President Donald Trump did not announce new sanctions on Russia or tariffs on its energy buyers during the Alaska summit announcement, despite an earlier August 8 ceasefire deadline for the Kremlin. Sources say U.S. and Russian officials are discussing a deal that would cement Moscow’s control over seized territory, with Washington seeking backing from Ukraine and European allies.
Oil has dropped over 10% this year as OPEC+ restores output faster than planned, ending 2023 curbs amid slowing global growth. A Ukraine peace deal could lift sanctions on Russian supply, adding to a surplus expected later this year.
Investors will watch for supply-demand signals from OPEC’s monthly report, the U.S. Energy Information Administration’s Short-Term Energy Outlook on Tuesday, and the International Energy Agency’s update on Wednesday.
WTI is trading below the 9 SMA on the daily chart, maintaining its bearish bias. On the 4-hour chart, immediate support is seen at $62.1, which was the previous breakout zone from 6th June 2025. The price was tested on 8th August, and a break below this level can push prices to the key $59-$60 zone, which was last tested on 30th May 2025. Oil prices are forming a descending trend line connecting the highs of 1st August and 6th August. Immediate resistance is seen at the previous breakout support of $63.5, followed by the $64.5 level. Brent is trading at $65.8, with potential support near the previous breakout of $64 and resistance at $67.3.
- Gold
Gold prices are down 0.63% in today’s morning session to $3,377, after gaining 1.07% last week, as easing geopolitical tensions and tariff-related clarity weighed on sentiment. A White House official said on Friday evening that the administration would address misinformation regarding gold tariffs, following speculation that an earlier ruling, which suggested gold bars faced reciprocal tariffs, was made in error. The Trump administration now plans to clarify that gold bar imports should remain exempt, removing a potential bullish driver. The futures–spot spread narrows sharply from 93.55 at Friday’s close to near 58, indicating softer market momentum, with futures trading at $3,424. Additionally, safe-haven demand weakened after President Trump announced an upcoming meeting with Russian President Putin in Alaska on August 15 to negotiate an end to the Ukraine war. This development could ease sanctions risks and reduce geopolitical uncertainty, pressuring the metal lower.
On the 1-hour chart, Gold recently broke below an ascending channel, indicating a potential shift from the short-term uptrend to a corrective or bearish phase. The lower channel boundary around $3,380 acted as support but has now turned into immediate resistance. If prices fail to reclaim this level, the next downside targets lie near $3,366, followed by $3,350 and $3,335. On the upside, reclaiming $3,380 could open the way toward $3,404 resistance. The breakdown suggests sellers are gaining momentum, and follow-through selling could accelerate if support levels fail.
Gold prices in the UAE are as follows:
24 Carat – AED 406.75
22 Carat – AED 376.75
21 Carat – AED 361.25
18 Carat – AED 309.50
