Gold just made a move.
After weeks of sideways action, XAU/USD finally broke out of its two-month’ triangle formation, pushing higher with momentum and putting the $3,600 – $3,700 zone in focus if the rally holds. The breakout comes as geopolitical tensions rise and global markets gear up for a critical macro week.
From central banks to inflation prints, this week is stacked with events that could shift sentiment fast. Traders might be bracing for volatility, but it feels like the market is only just waking up.
After IR-ISR retaliation strikes continue, geopolitical risk spiked. So did commodities.
At the same time, XAUTUSD broke out of a two-month’ triangle formation. The move came with clear volume and follow-through, and if the current momentum holds, the price could push toward the $3,600 – $3,700 zone which is a level in line with the technical projection from the breakout.
Crypto, on the other hand, stayed relatively muted this weekend. Bitcoin managed to bounce back above $105K, holding its ground, but Ethereum is where things get interesting.
Ethereum is showing some confusing behaviour.
Open interest across ETH futures is slightly up overall, but not in a clear way. Some platforms are seeing more positions added, others are showing drops.
What stands out is the funding rate: it’s positive on most platforms, meaning traders are paying to hold long positions. But on at least one platform, it’s still negative, which usually happens when there’s more demand to short than long.
This kind of split suggests that the market isn’t fully convinced yet. Some traders are betting on more upside, while others are still cautious or hedging.
War tensions. Central bank dominoes. Metals on the move.
With everything colliding at once, markets may not stay this “quiet” much longer.
