Early Tuesday in Asia, spot gold traded near $4,584 per ounce, after surging to a new all-time high of $4,630.08. Safe-haven demand surged as uncertainty grew following reports that the Trump administration has launched a criminal investigation into Federal Reserve Chair Jerome Powell.
Meanwhile, WTI crude traded near $59.71 per barrel, after climbing to a seven-week high as President Trump increased pressure on Iran, raising concerns that Iranian oil exports could be disrupted.
Gold
Gold broke decisively above $4,600 per ounce on Monday, setting a new record, while silver also surged to fresh all-time highs. The rally was driven by rising political uncertainty after the Trump administration launched a criminal investigation into Fed Chair Jerome Powell, pushing investors toward safe-haven assets.
Spot gold jumped 2.2% to $4,609.58, after touching an intraday high of $4,630.08. US gold futures settled 2.5% higher at $4,614.70.
Spot silver surged 6.8% to $85.39, after briefly hitting a record $86.22 per ounce.
Analysts noted that the Powell investigation has significantly increased market uncertainty, while expectations for further Fed rate cuts later this year continue to support demand for non-yielding assets such as gold.
Geopolitical risks are also adding to bullish momentum. The Trump administration is considering responses to Iran’s crackdown on protests, after already removing Venezuela’s President Maduro and floating the idea of acquiring Greenland.
Technical Outlook
Gold remains technically supported by the 100-hour SMA near $4,429 and the 38.2% Fibonacci retracement at $4,428. A clear break below this zone could trigger technical selling toward the $4,400 psychological level.
MACD remains below the signal line and below zero, while RSI near 40 reflects weakening short-term momentum.
On the upside, $4,455 (23.6% Fibonacci) is the first key resistance. A sustained break above it would stabilize short-term sentiment.
Today’s Focus
Trading bias: Buy on dips, sell into rallies
Resistance: 4630–4650
Support: 4550–4520
Crude Oil
Oil prices climbed to seven-week highs on Monday as traders priced in the risk of declining Iranian exports. President Trump has warned that military options remain on the table as he increases pressure on Tehran. Meanwhile, geopolitical uncertainty involving Russia and Venezuela also contributed to market volatility.
Brent crude rose 1.94% to $64.20, its highest since November 18.
WTI crude gained 1.8% to $59.84, the highest since December 5.
However, upside was capped by expectations that Venezuela could restore exports following the removal of President Maduro. Trump recently said Venezuela would deliver up to 50 million barrels of sanctioned crude to the US, with shipments now being arranged.
Technical Outlook
On the daily chart, oil remains under medium-term bearish pressure, with moving averages still in a downward configuration.
On the 1-hour chart, price has continued to drift lower after failing to sustain rebounds. MACD remains below zero, indicating bearish momentum remains dominant.
Today’s Focus
Trading bias: Buy dips, sell rallies
Resistance: 61.0–62.0
Support: 58.5–57.5
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