What Happened
US President Donald Trump stated on Thursday that China’s President Xi Jinping likely holds the power to influence Iran’s behaviour, and warned he is “not going to be much more patient” on the Iran situation. The comments, reported by Reuters, injected fresh geopolitical uncertainty into markets already navigating trade tensions between Washington and Beijing.
Key Levels
Gold (XAU/USD): Support sits at $3,180 and $3,120. Resistance is found at $3,250 and the recent swing high near $3,320.
WTI Crude Oil: Support levels are at $61.00 and $59.20. Resistance sits at $63.50 and $65.80.
Technical Picture
Gold remains in a broader uptrend on the daily chart, trading above its 50-day moving average near $3,150. RSI is hovering around 55, suggesting room to move higher without being overbought. WTI Oil has been in a downtrend since April, trading below both its 50-day ($65.40) and 200-day ($72.10) moving averages — a technically weak position. Any geopolitical escalation could trigger a sharp short-covering rally in Oil.
What Traders Are Watching
A break above $3,250 in Gold would signal renewed safe-haven buying and could target $3,320. Conversely, a drop below $3,180 suggests the risk premium is fading. For Oil, a close above $63.50 would be the first sign of a trend reversal — traders will be watching headlines around US-Iran nuclear talks and any Chinese diplomatic activity closely. ASX-listed energy and gold names including BHP and local gold miners could see volatility as a result.
Bias
Gold — Bullish. Geopolitical uncertainty driven by Trump’s Iran comments supports safe-haven demand. As long as price holds above $3,180, the path of least resistance is higher.
Oil — Neutral with upside risk. Technically weak, but a geopolitical shock could squeeze short sellers quickly.
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