Gold Hits New Record High, Crude Oil Edges Higher

Market Recap

On Monday, gold reached a record high amid rising safe-haven demand and increased holdings by the world’s largest gold-backed ETF. Gold briefly touched $2,956.23, marking its 11th record high of the year, before closing at $2,952.29 per ounce. Meanwhile, oil edged higher as new U.S. sanctions on Iran and Iraq’s commitment to balance production helped recover some losses from last Friday.

Gold Overview

Robust safe-haven demand and a surge in ETF holdings boosted gold’s performance.

SPDR Gold Trust (GLD) increased its holdings by 3.15 tonnes on Monday, marking five consecutive days of gains and reaching 907.53 tonnes—a new high since August 2023.
Last Friday, GLD added 20.66 tonnes, the largest single-day increase since January 21, 2022.
Additionally, President Trump’s announcement on tariff plans for Mexico and Canada further bolstered investor sentiment toward gold.

Gold – Technical Outlook

Gold initially rallied strongly before encountering selling pressure near $2,956, resulting in a brief pullback. Prices dipped below $2,940, stabilized around $2,930, and then rebounded, closing in a volatile yet bullish pattern.

Gold chart — (Gold Futures, 1-day chart)

Key Resistance: $2,935–$2,930
Key Support: $2,965–$2,970

Oil Overview

Oil prices recovered on Monday as new U.S. Treasury sanctions on Iran’s oil industry—targeting brokers, tanker operators, and shippers—combined with Iraq’s commitment to balance recent overproduction.

WTI April futures rose by $0.30 (over 0.42%) to $70.70 per barrel, while Brent April futures increased by $0.35 (about 0.47%) to $74.78 per barrel.

Oil – Technical Outlook

After a period of volatile trading, oil prices gradually stabilized and rebounded during European and U.S. after-hours sessions, returning to around the $70.5 level.

Key Resistance: $71.8–$72.3
Key Support: $69.5–$69.0

oil chart — (Light Crude Oil Futures, 1-day chart)

Despite the rebound, the overall daily trend remains slightly bearish, suggesting that short-term recovery may be limited.

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Disclaimer

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