Spot gold traded near 1,193 dollars per ounce, edging lower as investors adopted a cautious stance ahead of this week’s Federal Reserve policy meeting. Markets increasingly expect the Fed to deliver a “hawkish rate cut”, keeping uncertainty elevated until clearer guidance emerges.
WTI crude traded near 58.85 dollars per barrel, sliding more than 2 percent after production resumed at a major Iraqi oilfield while markets continued to track developments in Ukraine peace talks.
Gold
Gold prices slipped on Monday as traders stayed on the sidelines ahead of the Fed decision. Spot gold dipped 0.2 percent to 1,189.49 dollars per ounce.
Markets overwhelmingly expect a 25 basis-point rate cut at Wednesday’s meeting, with traders pricing in an 89 percent probability. Analysts noted that while gold faces short-term pressure, the broader bullish outlook remains intact thanks to strong central-bank buying, a potentially weaker dollar, and persistent geopolitical demand.
Technical View
Gold remains in an uptrend but momentum is fading, increasing the risk of a short-term pullback. The 4175–4200 zone is the key support area, marking recent lows and the core of last week’s price structure.
A decisive break below this zone could shift focus toward the 4100 level, a major psychological and structural support and the starting point of the latest rally.
Upside resistance stands at 4220–4270, a zone that has repeatedly rejected advances. A breakout above this region would reopen the path toward all-time highs.
Intraday bias remains to buy dips and sell rallies.
Today’s Levels
Trading bias: Buy the pullback, sell the bounce
Resistance: 4220–4240
Support: 4170–4150
Crude Oil
Oil prices dropped more than 2 percent Monday after Iraq’s West Qurna-2 field resumed operations, restoring roughly 460,000 barrels per day of output.
Sentiment was further influenced by progress, or lack thereof, in Ukraine peace discussions, which could reshape expectations for Russian exports.
Brent settled 1.98 percent lower at 62.49 dollars, while WTI fell 2 percent to 58.88 dollars.
Technical View
On the daily chart, crude remains in a secondary corrective phase. Multi-day alternating candles and MACD hesitations reflect weak bearish momentum, but the broader structure still leans toward a test of 56 dollars.
Short-term (1H) price action shows wide-range consolidation within an ascending channel. Momentum signals are weakening, increasing the probability of a downside resolution once today’s consolidation phase completes.
Overall bias: Expect intraday volatility with a tilt toward renewed downside.
Today’s Levels
Trading bias: Sell the bounce, buy the pullback
Resistance: 60.0–61.0
Support: 57.5–56.5
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