Latest Trends in Gold Prices
On July 27, gold is trading around $4,091 per ounce in early Asian trading on Monday, supported by bargain buying. The market is awaiting the Federal Reserve's interest rate decision this week while assessing the impact of the latest developments in the Middle East conflict on inflation. Gold prices edged up on Friday, with spot gold at $4,053.29 per ounce, a 0.1% gain, supported by bargain buying earlier in the week. The precious metal has gained 0.9% for the week so far.
Technical Analysis of Gold
On the daily chart, gold has moved above the MA5 and MA10 short-term moving averages, with the MA20 at $4,068 forming a key support level. The daily candlestick shows a small bullish candle with an upper wick, indicating resistance in the $4,140-$4,170 zone from accumulated selling pressure. The MACD histogram continues to contract, forming a potential golden cross at lower levels, while the RSI has recovered to around 48, moving out of oversold territory. This suggests that the medium-term downtrend has paused, and prices are entering a bottoming and consolidation phase.
On the 4-hour chart, Bollinger Bands are slightly tilted upward, with prices trading along the middle band. Short-term moving averages are in a bullish alignment, but the KDJ indicator is approaching overbought levels, suggesting potential for a short-term pullback. On the 1-hour chart, early Asian trading saw a spike that left a long upper wick, indicating weakening bullish momentum and a bearish turn in indicators. The intraday focus is on testing support levels.
Overall, the multi-timeframe analysis shows a stabilizing daily trend, a relatively strong 4-hour outlook, and pressure on the hourly chart, with no clear trending conditions. For today's gold trading, the strategy is to buy on dips and sell on rallies, with key resistance at $4,120-$4,150 and support at $4,050-$4,020.
Latest Trends in Crude Oil Prices
On Monday, July 27, U.S. crude oil opened with a gap down of over 6% in early Asian trading, driven by easing tensions in the Middle East. The prospect of reduced supply concerns has cooled, as President Trump decided to leave room for diplomatic efforts with Iran. Meanwhile, the Iranian military has also announced a halt to retaliatory strikes against U.S. allies in the Middle East. Oil prices fell sharply on Friday, with Brent crude closing at $98.37 per barrel, down 2.12%, and U.S. crude at $90.47 per barrel, down 2.05%. The decline was attributed to reports of renewed efforts to restart stalled U.S.-Iran talks, offering hope for de-escalation. However, despite these developments, oil prices still recorded a weekly gain of over 10%, driven by geopolitical tensions, including missile exchanges between the U.S. and Iran, reduced traffic through the Strait of Hormuz, and attacks on two Saudi oil tankers in the Red Sea by Yemen's Houthi rebels. President Trump subsequently vowed "major military punishment" against Iran and its Houthi allies.
Technical Analysis of Crude Oil
On the daily chart, the moving average system is turning upward, indicating a change in the medium-term downtrend. Candlesticks have been reversing upward continuously, reflecting strong bullish momentum. While the medium-term trend has not yet formed a new direction, the bearish momentum appears to have ended temporarily. The intraday outlook is expected to remain dominated by a rebound, with prices likely to consolidate gains.
On the 1-hour chart, crude oil opened with a gap down in early Asian trading, with moving averages in a bearish alignment, pointing to a short-term downtrend. Momentum indicators show strong bearish readings, and the trend is consistent with bearish direction. The Asian and European sessions are expected to focus on filling the gap, with the overall intraday trend likely to remain weak and choppy to the downside.
For today's crude oil trading, the strategy is to sell on rallies and buy on dips, with key resistance at $86.0-$87.0 and support at $82.0-$81.0.
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