- Crude Oil
WTI crude rose by 1.85% yesterday, settling near $59.62, and is trading steadily around $59.46 in early Asian hours on Tuesday, holding near two-week highs after Monday’s strong advance.
Oil remains underpinned by geopolitical tensions and renewed confidence in supply-side discipline. Prices continue to find support from OPEC+’s decision to pause production increases through Q1 2026. This stance has helped offset concerns surrounding this year’s steep WTI correction and lingering surplus risks.
Fresh disruptions to Russian energy infrastructure, including Ukrainian strikes on facilities in the Black Sea region and ongoing attacks inside Russia, have raised renewed concerns about export flows. Heightened tensions between the U.S. and Venezuela continue to keep traders mindful of possible supply interruptions.
From a technical perspective, WTI holds above the 9-day and 20-day SMAs. Resistance lies at $59.945, on the descending trendline formed by joining the highs of Oct 27, Nov 18, Nov 19, and Dec 1. Support can be seen at the 9-day SMA of $58.84. For Brent, resistance lies at $63.43, a previously tested level, and support is seen at yesterday’s low of $62.61.
- Gold and Silver
Gold fell to $4,198 per ounce on Tuesday, down 0.45%, after prices reached a 5-week peak on Monday, amid mounting expectations of a U.S. interest rate cut next week.
According to ISM data, U.S. manufacturing shrank in for the ninth month in November as the PMI came in lower than the market expectations. This tepid data reinforced the anticipation of a Fed rate cut next week and CME FedWatch gave the likelihood at 87%. The weaker data favors the gold prices and the increase in the Japanese bond yields curbs the downward pressure on the bullion as JPY rose against USD. Markets look forward to Fed chair Jerome Powell’s speech today for insights into Fed’s stance on interest rates along with ADP employment and ISM services data release on Wednesday. Inflows into gold exchange-traded funds are rising, highlighting that the precious metal is continuing to win the stakes as the most preferred non-fiat asset.
On the daily charts, gold is holding above $4,200, which is strong support for the yellow metal. The next support is at the 9-day SMA of $4,154. On the flip side, a move above the first resistance of yesterday’s high at $4,265 could pave the way towards the next resistance at the psychological level of $4,300.
Gold prices in the UAE are as follows –
24 Carat – AED 508.25
22 Carat – AED 470.75
21 Carat – AED 451.25
18 Carat – AED 386.75
Silver is trading at $57.16, down 1.4%. The retreat followed a six-session rally that has driven silver prices up almost 100% in 2025. Currently, silver is trading below its all-time high of $57.86, which might act as resistance. Conversely, support is seen around a key level of $57.
