Oil and Gold Prices React to Supply-Side Signals and Geopolitical Tensions

The new trading week has begun with distinct catalysts for oil and gold prices. Oil benchmarks are reacting to supply-side signals, while bullion remains supported by geopolitical and economic uncertainty.

Crude oil prices are being shaped by OPEC+ production decisions, inventory data, and geopolitical tensions in key producing regions. Technical levels suggest that WTI faces resistance near $83.50, with support at $79.80. A breakout above the resistance could open the door to $86, but failure to hold support may trigger a pullback toward $77.

Gold has maintained its upward bias, supported by central bank buying, persistent inflation concerns, and safe-haven flows amid geopolitical instability. Key support for gold lies at $2,320 per ounce, with resistance at $2,380. A break above the latter could target the all-time high near $2,400.

The dollar's movement remains a critical factor in determining gold prices. A weaker greenback typically boosts gold prices, while higher interest rates tend to weigh on it. The upcoming Federal Reserve policy meeting is also being closely watched, as any hints of rate cuts could further support bullion.