The past week ended with mixed performance across markets. The euro stabilised around 1.1700 against the dollar, Bitcoin fluctuated just above 111,000, Brent crude fell toward 65 dollars per barrel, while gold climbed to 3,600, setting new all-time highs. Investors still expect that at the meeting on September 16-17 the Federal Reserve will cut rates by at least 25 basis points, which supports demand for safe-haven assets, primarily gold.
💶 EUR/USD
The euro traded in a range of 1.1607-1.1759 and closed the week at 1.1718. The uptrend remains fragile, as buyers are defending the 1.1640-1.1650 zone. A move higher could target resistance around 1.1750-1.1800, but a failed attempt risks a return to 1.1580-1.1600. A firm breakout above 1.1800 would strengthen the bullish momentum, whereas a drop below 1.1580 would open the way toward 1.1450.
₿ BTC/USD
Bitcoin closed the week around 111,655, posting a slight gain after fluctuating between 107,255 and 113,405. The nearest resistance remains at 111,950-112,000. Above that lies last week’s high at 113,405, followed by targets at 117,500 and 123,250. If support at 107,300 is broken, the decline could accelerate. A breach of 104,500 and the key psychological level of 100,000 would open the path toward 90,300.
🛢 Brent
As we noted in earlier reviews, Brent prices remain under pressure due to oversupply from OPEC+. All attempts by the bulls to hold Brent above 68.00 failed, and the price collapsed to August lows, ending the week at 65.38 dollars per barrel. A corrective rebound could return prices to the 68.00-70.00 zone. However, in the absence of stronger demand, pressure is likely to persist, and a break of the key 64.80-65.00 support could lead to targets at 62.50–63.00. Growth above 70.00 would signal stronger bullish momentum, but the medium-term trend remains cautiously negative.
🥇 XAU/USD
Back in mid-July, our forecasts suggested that the stabilisation of gold within the 3,255-3,440 sideways corridor was merely a waiting phase before a new rally, which could last until the end of summer. The fall in volatility within the medium-term triangle looked no more than a lull before the storm. That forecast proved 100% accurate: the “perfect storm” came right on cue in early September, lifting gold to a new all-time high of 3,600 dollars per ounce. This dynamic, combined with the negative outlook for Fed policy, reinforces the bullish scenario with near-term targets around 3,650. A corrective pullback to 3,500-3,525 or even deeper to 3,440 is also possible. There is also a third scenario in which investors once again take a wait-and-see stance ahead of the Fed’s decision on September 16-17.
🔎 Conclusion
The new trading week opens with gold in the spotlight, Brent under pressure, the euro cautiously supported, and Bitcoin consolidating. Market focus will be on China and the US. On Monday, September 8, China will publish its August trade balance. On Wednesday, September 10, China will release its Consumer Price Index (CPI) and Producer Price Index (PPI) for August, alongside the US Producer Price Index (PPI) for August. On Thursday, September 11, the European Central Bank will announce its interest rate decision followed by a press conference, while in the US the August Consumer Price Index (CPI) and real wage data will be released, and OPEC will present its monthly report. On Friday, September 12, final readings of Germany’s CPI, the UK’s monthly GDP, and the preliminary University of Michigan Consumer Sentiment Index will be published.
