Commodities

Gold's price action has changed notably during the week. Over the last four trading sessions, the precious metal has advanced only slightly more than 1%, highlighting a clear slowdown around the $4,600 per ounce area.

Over the last two trading sessions, WTI crude oil has once again displayed a notable bearish bias, with prices falling nearly 6%. Part of this renewed selling pressure has been driven by recent developments in the Middle East, which have helped temporarily ease the geopolitical tensions that had supported the oil risk premium in previous weeks.

WTI was given every excuse to rally on Monday but didn’t, with mounting supply risks not enough to prevent a sharp reversal.

Key levels on active technical setups in DXY, Gold, and Bitcoin heading into the start of the week.

As trading comes to a close this week, one of the most relevant themes across financial markets continues to be the strength displayed by gold in the short term. Over the last three trading sessions, the precious metal has gained nearly 7%, highlighting the return of a meaningful bullish bias within the market.

Sr. Technical Strategist Michael Boutros highlights the levels that matter on the USD Majors this week.

Gold has wobbled after its breakout, but bullish positioning and options signals suggest dip buying could remain supportive.

Precious metals have exploded higher over the past week, with gold and silver delivering moves rarely seen over comparable periods. Technical breakouts and softer macro headwinds are now working in the bulls’ favour.

Gold just posted its best week since January, but the breakout now enters the phase that could determine whether a lasting low is finally in place.

Gold has broken out of a multi-month range, but buyers now face the technical hurdle that could determine whether the recovery has staying power.

Gold prices are holding above 4,000 as futures positioning, options markets and price action hint that bulls may be quietly accumulating.

Gold has spent six weeks trapped in a tightening range at the yearly low, with the next breakout likely to determine the August outlook.