- Cryptocurrency
Bitcoin crossed the $120,000 level for the first time on Monday, marking a major milestone for the world’s largest cryptocurrency as investors bet on long-sought policy wins for the industry this week. Starting on Monday, the U.S. House of Representatives will debate a series of bills to provide the digital asset industry with the nation’s regulatory framework it has long demanded.
Those demands have resonated with U.S. President Donald Trump, who has called himself the “crypto president” and urged policymakers to revamp rules in favor of the industry. Expectations of further tailwinds for the industry helped propel bitcoin to yet another record high of $122,207.55 in the Asian session on Monday. It last traded 1.5% higher at $120,856.34. The surge in bitcoin, which is up 29% for the year thus far, has sparked a broader rally across other cryptocurrencies over the past few weeks even in the face of Trump’s chaotic tariffs.
Ether, the second-largest token, scaled an over five-month top of $3,048.23 on Monday and last stood at $3,036.24. The sector’s total market value has swelled to about $3.78 trillion.
- Crude Oil
Geopolitical tensions, trade tariffs, and concerns about an oversupplied market are the dominant forces impacting crude oil this year. Brent, which had risen above $80 on June 23 due to the ongoing conflict in the Middle East, has since plummeted to $70.46 as of this date, after Trump renewed pressure on trading partners. Trump’s recent barrage of tariff letters has dented the outlook for crude demand further, especially at a time when OPEC+ is ramping up supply and relaxing supply curbs at a swift pace. Trump has threatened to levy a 30% tariff rate on imports from the EU and Mexico. Meanwhile, Trump is likely to send Patriot missiles to Ukraine after Russia resisted Washington’s attempts to strike a ceasefire deal between the warring nations.
Oil is down 6% year-to-date, and down 0.28% for the day with WTI trading around $68.57 and Brent holding steady at $70.50. Brent has support at $68.55, near the lows reached in September 2024 and March 2025. The next support is at $66.91, marked by the confluence of the 50-SMA and 100-SMA on the day chart. It could encounter immediate resistance at $70.76, characterized by the lows observed in Q4’2024, followed by the next resistance at $72.16.
- Gold
Gold witnessed a volatile week but found strong buying support near the long-term trendline at $3,280, ultimately ending the week up ~1% at $3,354, reinforcing its bullish tone. On Monday, gold is trading higher at $3,370, up 0.44%, with the rally now entering for its fourth consecutive day of gains. The rally is driven by rising global trade tensions after US President Donald Trump issued tariff notices to several key trading partners, intensifying fears of a broader trade war and boosting safe-haven demand. However, expectations of an immediate Fed rate cut have diminished amid resilient US labor market data and concerns that higher tariffs could fuel inflation. This has kept the US Dollar near a two-week high, which could cap further upside in gold. Traders may await sustained buying confirmation before entering fresh longs.
Technically, gold remains in a bullish structure and is approaching a key resistance zone at $3,390–$3,400. A decisive break above this level could open the door for a further rally toward the next major resistance at $3,440–$3,450. On the downside, immediate support is seen at $3,350, followed by a stronger support zone near $3,320. The asset continues to trade above all its major moving averages, reflecting underlying bullish momentum. Additionally, the daily RSI stands at 55, suggesting continued strength without entering overbought territory.
Gold prices in the UAE are as follows –
24 Carat – AED 404.75
22 Carat – AED 375.00
21 Carat – AED 359.50
18 Carat – AED 308.25
