- Crude Oil
Oil prices eased on Wednesday, following a 1% decline on Tuesday, as markets weighed the results of U.S.-China trade talks, which still await President Donald Trump’s review, against concerns over weak Chinese oil demand and rising OPEC+ output. The recent price pullback reflects a combination of profit-taking and market caution ahead of the official U.S.-China announcement. Today, markets will focus on the weekly U.S. oil inventories report from the Energy Information Administration, slated for release at 6:30 pm. This will shed light on the demand for oil in the near term, dictating price movement.
From a technical perspective, WTI is trading above the 9 SMA of $63.64 on the daily chart. However, prices hit the 100 SMA of $66.24 in yesterday’s session and have retracted. On the one-hour chart, oil prices have strong support on the short-term upward sloping trendline at $64.84. A break below this level could send prices to test the $64.58 price, which is the previous breakout level. Resistance is at $65.4, followed by yesterday’s high of $66.24. A break above this level can solidify bullish momentum for oil.GoldGold prices remained range bound in yesterday’s session as risk markets await the outcome of the much-watched US-China trade talks. The consolidation of gold prices signals that broader uncertainty related to tariffs persists. In addition, a federal appeals court has permitted the continuation of the United States tariffs while it assesses a lower court’s decision that the president overstepped his authority in their implementation. The World Bank has revised its 2025 global growth forecast down by 0.4 percentage points to 2.3%, highlighting higher tariffs and increased risks as significant challenges for many economies. Market participants will now closely scrutinize the inflation report released later today for insights regarding the economic impact of recent tariffs and the direction of the Federal Reserve’s policy trajectory, which will further affect gold prices.
Technically, gold ended yesterday’s session with a doji candlestick pattern highlighting indecisiveness as US-China trade talks progressed. In today’s session, gold is up by 0.41% at $3336 and above the 21-day SMA level at $3304. Immediate resistance is faced at the 9-day SMA level at 3338, followed by $3343. On the 4-hour chart, the price is moving in an ascending parallel channel, connecting the lows of $3293, $3318, and $3315. A break above $3343 can indicate near-term bullishness and a move towards $3371; otherwise, it can test the channel support at $3323.
Gold prices in the UAE are as follows –
24 Carat – AED 402.75
22 Carat – AED 372.75
21 Carat – AED 357.50
18 Carat – AED 306.25
