- Crude Oil
Crude Oil prices experienced fluctuations of about $1 to $2 on Monday but ended up slightly higher by market closing, with WTI indicating a 0.65% gain and Brent showing a 0.86% rise. Tuesday’s Asian session saw a continuation in the recovery of prices with a 0.51% upmove in WTI and a 0.53% upmove in Brent.
The recovery from the $62 levels has occurred following OPEC’s modest output hike of 137,000 bpd in October, which was significantly lower than the hikes of 555,000 bpd in September and August, as Saudi Arabia seeks to gain back market share. However, the smaller increase also highlights the group’s cautious stance as the global oil market is expected to go into surplus. Meanwhile, rising geopolitical tensions have led to US President Trump threatening even tougher sanctions against Russia, which could disrupt global oil flows. At the same time, after a disappointing jobs report last week, the US Federal Reserve is expected to cut interest rates in the FOMC meeting next week, leading to better prospects of oil demand from the world’s largest economy.
From a technical perspective, oil prices continued their rebound following the test of the support zone from the lows of 13th August, near $62.23 for WTI and $65.46 for Brent. The recovery has led WTI to trade above the 9-SMA level on the 4-hour charts, suggesting a short-term bullish market structure. On the same timeframe, the 100-SMA provides potential resistance near the $64.10 level. For Brent, the $67.47 level provides near-term resistance from the 9 and 21-day SMA levels.
- Crytpocurrency
Bitcoin went up by 1.63% in the past one week to trade at $112,026. Meanwhile, Ethereum was trading at $4,312 down by 1.70% in the same period, September is turning into a defining month for crypto and the current levels are supported by hopes of U.S. rate cuts, fresh liquidity flowing through stablecoins, and continued institutional buying. Bitcoin is steady near $112K and Ethereum around $4.3K.
On the policy front, the SEC is easing compliance rules, Nasdaq is preparing to launch tokenized securities, and regulators are working together to clarify the playbook for leveraged products—signs of a maturing market. Overall, the market is balancing optimism with caution as regulatory frameworks tighten and new innovations keep momentum alive.
Bitcoin is trading above the $111,300 level after attempting to break the resistance near the $113,000 mark. While BTC showed signs of momentum, bulls could not sustain the buying pressure, leading to a consolidation. All eyes are now on the inflation revision, which could influence the Fed’s rate cut decision. A softer revision of inflation could trigger a short relief rally, pushing BTC above the $113,000 resistance, with a strong support at the $110,400 mark.
Bitcoin’s current holding pattern near the $112K mark, following last week’s aggressive push toward $113.4K and the subsequent pullback, underscores the market’s cautious sentiment heading into what is historically a bearish September. A successful break above this zone could open the door to renewed upside, especially amid symptomatic strength from altcoins like DOGE, which has surged roughly 7% in a single day. However, absent clear macro triggers or sustained momentum, BTC’s path forward may remain range bound in the near term
- Gold
Gold rose by about 0.34% today and is currently trading at $3,647.
From a fundamental stance, two main factors are driving gold. First is the rate cut expectations. Second is the political uncertainty in Japan and France. In Japan, Prime Minister Shigeru Ishiba has resigned. He announced that he is stepping down as chairman of the ruling Liberal Democratic Party (LDP), which suffered defeat in the July elections. At that time, the coalition led by Ishiba lost its majority in the upper house of the Japanese parliament. In 2024, the same thing happened in the lower house elections. As a result, the LDP, for the first time since its founding in 1955, was left in the minority in both houses of parliament. Now, looking at Europe, the French government collapses after PM Bayrou is ousted in a confidence vote. On July 15, French Prime Minister François Bayrou presented the 2026 fiscal plan. The plan rolled back on social spending, including reducing public sector hiring, freezing pension and tax bracket indexation, and eliminating two public holidays. And it comes as no surprise that this plan faced immense backlash from other parties when put to a vote. Hence, on September 1, Bayrou announced that he would deliver a new policy statement and request a vote from the deputies. At present, the most likely scenario is that the Prime Minister will not win the vote of confidence, and the French government will fall. It is worth noting that France accounts for approximately 16% of the Eurozone’s GDP.
From a technical standpoint, on the hourly chart, a bull flag pattern with the flag starting on September 8th at the $3,646 high can be observed. Gold broke out of this formation in today’s early sessions. As of the time of writing, it is up after retesting the breakout at the $3,635 level, supporting a bullish stance for the day. Support and resistance levels are at $3,635 and $3,695.
For traders looking for an immediate action plan, given that gold is trading around the highs of the flag at $3,646, a long position bodes well, with targets reaching $3,660, followed by $3,695. In the event of any further pullback, given the strong fundamental backing, positions can be averaged around $3,635.
Gold prices in the UAE are as follows –
24 Carat – AED 440.50
22 Carat – AED 408.00
21 Carat – AED 391.00
18 Carat – AED 335.00
