Weekly data: Oil and Gold: Price review for the week ahead.

This preview of weekly data examines USOIL and XAUUSD, where economic data expected later this week are the primary market drivers for the near-term outlook. 

Highlights of the week: RBA, BoC & Fed interest rate decisions, UK GDP

Tuesday

• The Reserve Bank of Australia’s interest rate decision at 03:30 AM GMT, where the market is expecting that the interest rates will remain stable at 3.6%. In the event, however, that we have a surprise hike or cut by the Reserve Bank, then it might create minor gains or losses for the Aussie Dollar, respectively. 
•  German Balance of trade at 06:00 AM GMT, where the expectations are for a decline reaching €15.2 billion in trade surplus. This may not have a significant impact on the Euro, as the data are for October and may already be reflected in the current price. 

Wednesday

• Chinese inflation rate at 01:30 AM GMT. The market consensus is for an increase in the figure, going from 0.2% to 0.9% for the month of November.
• Bank of Canada Interest rate decision at 14:45 GMT is expected to remain stable at 2.25%. In the event of a surprise hike in interest rates, it would support the loonie in the short term. Conversely, a rate cut might create some turmoil for the currency.
• The Fed’s interest rate decision at 19:00 GMT is expected to proceed with a 25-basis-point cut, bringing the rate to 3.75%. According to the , there is an 87% chance of a 0.25% cut; therefore, it’s pretty certain that the rate cut will take place, but the significant part is the subsequent press conference, where market participants will try to get some hints as to the future direction of monetary policy.

Friday

• British GDP growth at 07:00 AM GMT. The market consensus is that the figure will be increased from -0.1% to 0.1% month over month.  This might not have a major impact on the quid, as it is for the month of October; however, it would provide some insight into the overall economic performance of the British economy. 

USOIL, daily

Oil prices held steady as traders monitored India’s increased purchases of Russian crude and Ukraine’s stepped-up attacks on Russian energy assets. WTI stayed near $60 later than recent gains, while Putin promised uninterrupted fuel shipments to India ahead of US trade talks.

Ukraine’s strikes on energy infrastructure tightened loadings and lifted physical crude prices, but rising global supply from OPEC+ and major producers, such as the US, Brazil, and Guyana, keeps oversupply fears alive. The oversupply of crude oil in 2026 appears to be prevailing, pushing futures toward the low-$60s through 2026. For now, fresh market outlooks from the EIA, IEA, and OPEC are due this week.

 On the technical side, the crude oil price corrected to the downside later than finding resistance around the $60 mark, which is the psychological resistance of the round number as well as the 38.2% of the daily Fibonacci retracement level. Currently, it is testing the support of the 50-day simple moving average, while the Stochastic oscillator is moving towards neutral territory. The moving averages are validating the overall ebarish trend while the Bollinger Bands are sufficiently expanded to support any significant move in the short term. 

Gold-dollar, daily

Gold edged higher on Monday as a fragileer dollar and rising confidence in a Fed rate cut this week kept purchaviewrs in control. Spot prices rose by about 0.5%, while futures remained steady, with traders leaning toward the idea that monetary policy is about to loosen.

Core PCE data didn’t derail expectations, and recent dovish signals from Fed officials have only strengthened the case, with the markets now pricing in an 87% chance of a 25-bp cut. Add in softer consumer spending, cooling payrolls, and signs of fading economic momentum, and the setup leans clahead toward easing.

With the dollar pinned down and yields likely heading lower, gold has the breathing room it needs. Lower rates reduce the opportunity cost of holding non-yielding assets, giving the metal a straightforward path to grind higher.

 From a technical perspective, the price of gold appears to have reached a plateau, as it has failed to break above the $4,240 area over the last week. The moving averages continue to validate the overall bullish trend in the market, with the 50-day SMA trading well above the 100-day SMA. Meanwhile, the Stochastic oscillator is slightly below the extreme overbought levels. The Bollinger Bands are fairly expanded, indicating that volatility has not yet dried up, and there is the potential for a significant move to either side. For the time being, the 23.6% weekly Fibonacci retracement level is the major technical support area on the chart, while $4,240 appears to be the technical resistance area for now.  

Disclaimer: The opinions in this article are personal to the writer and do not reflect those of Exness or Finance Feeds.