Last week was marked by volatile dynamics across financial markets. The euro hovered near the upper end of its range, gold eased slightly, bitcoin rallied toward new highs before pulling back, and Brent crude held just above $66 per barrel under pressure from both geopolitical and fundamental factors.
💶 EUR/USD
EUR/USD ended the week around 1.1705, showing resilience amid mixed US inflation and consumer spending data. The technical outlook points to a potential rise toward 1.1760 and above, should the backdrop remain favourable. However, there is still a risk of a correction toward the 1.1500–1.1550 area, and in case of stronger pressure, possibly as low as 1.1450 and further toward 1.1390–1.1400. The market tone remains cautious, awaiting fresh catalysts.
💹 BTC/USD
As of August 16, bitcoin is consolidating in the $117,300–117,500 range, noticeably below its new all-time high of $124,559 recorded on August 14. On that day, institutional funds acquired large volumes of BTC worth over $500 million, reflecting growing interest in the asset. The leading cryptocurrency also lifted altcoins, with Ethereum nearly reaching its record high at $4,794. Key support for bitcoin lies near the $115,000 area, including the 50-day moving average. Resistance is located in the $122,000–124,000 zone, and a breakout above this range could trigger a further rally toward $128,000–130,000. However, the current market sentiment suggests signs of short-term overheating, increasing the risk of a correction if the price drops below $115,000.
🛢 Brent
Brent crude finished the week at around $65.72 per barrel. Despite several attempts to recover, the medium-term outlook remains bearish. Forecasts from several analytical agencies point to a potential decline toward $60.00 or lower in the coming weeks if oversupply persists. The upper resistance range has shifted to $68.00–69.00, but seasonal demand weakness and stabilising geopolitical tensions are capping upside potential.
🥇 XAU/USD
Gold closed the week at $3,335 per ounce, easing slightly after a temporary spike driven by concerns over potential US import tariffs, which were later denied — triggering a pullback in prices. Since April, volatility has been steadily declining, and price action is nearing the upper boundary of a medium-term triangle formation centred around the pivot point at $3,350. The metal remains supported by inflation concerns, geopolitical uncertainty, and expectations of a more dovish Fed. Analysts maintain a moderately optimistic outlook, with the next upside target near $3,440 and key support at $3,255 and $3,290.
📈 Conclusion
During the week of August 18–22, market attention will focus on the release of the FOMC meeting minutes, preliminary PMI data from the eurozone, Germany, the UK, and the US, as well as the annual Jackson Hole symposium (August 21–23). Fed Chair Jerome Powell’s speech is expected to offer clues regarding the potential direction of monetary policy. Commodity markets will also remain in focus amid continued pressure on oil prices and a revised global demand forecast from the International Energy Agency (IEA).
