Trump–Xi Meeting, Iran at the UN — What Could It Mean for Global Asset Prices?

Global markets are entering another potentially important week, with geopolitics, monetary policy and risk sentiment all competing for investors’ attention.

Following last week’s hawkish Federal Reserve meeting and another increase in U.S. interest rates, the initial market reaction suggested that tighter monetary conditions could put renewed pressure on risk assets.

However, sentiment has changed remarkably quickly.

U.S. equity markets have returned to a clear risk-on environment, with the S&P 500 once again approaching record territory and trading close to the 7,800 area. Technology stocks have shown particularly strong resilience, while the Nasdaq remains around record levels.

In other words, equity markets appear, at least for now, increasingly willing to look beyond the Fed’s hawkish message.

Gold is showing a different picture.

Despite continuing geopolitical uncertainty, GOLD remains broadly range-bound around the $4,300–$4,400 area, without establishing a convincing directional trend.

Geopolitics Back in Focus

This week, markets will closely monitor the meeting between U.S. President Donald Trump and Chinese President Xi Jinping.

Trade relations, tariffs, artificial intelligence, critical minerals and broader U.S.–China economic relations are expected to feature prominently in the discussions.

At the same time, attention is turning to New York, where Iranian President Masoud Pezeshkian is attending the United Nations General Assembly.

With oil prices remaining highly sensitive to developments surrounding Iran and the wider Middle East, any meaningful diplomatic signals — positive or negative — could quickly influence energy markets and broader global risk sentiment.

Against this background, several technical areas deserve particular attention.

GOLD

Gold continues to consolidate without a clear short-term directional trend.

The $4,270–$4,300 area remains an important support zone for now. As long as this area holds, the broader consolidation structure remains intact.

On the upside, $4,400 represents the first significant resistance area.

A sustained break and consolidation above $4,400 could reopen the way towards the $4,500 area.

Key levels:

Support: $4,270–$4,300

Resistance: $4,400

Next potential upside area: $4,500

S&P 500

The S&P 500 remains close to its historical highs despite tighter monetary conditions.

The broad 7,800–8,000 area may represent an increasingly important resistance zone. With the market already trading at elevated levels, price action within this range could become highly tactical, with repeated attempts to move higher potentially accompanied by sharp intraday corrections.

A decisive move above 8,000 could represent an important technical development.

On the downside, the first significant support area remains around 7,500–7,600.

A deeper move below this zone could signal that the current risk-on momentum is beginning to lose strength.

Key levels:

Resistance: 7,800–8,000

Support: 7,500–7,600

WTI CRUDE OIL

Oil remains one of the most geopolitically sensitive major assets.

For WTI, we currently see the broad $90–$110 range as the key market territory, with the psychologically important $100 level sitting approximately in the middle of this zone.

As long as WTI remains within this range, substantial volatility in both directions should not necessarily be interpreted as the beginning of a new long-term trend.

A meaningful and sustained break above $110 or below $90, however, could provide a much stronger technical foundation for the next directional move.

Key levels:

Upper area: $110

Key psychological level: $100

Lower area: $90

What Could Drive the Next Move?

The unusual combination of hawkish monetary policy, equity markets near record highs, range-bound Gold, and elevated oil prices creates an interesting setup.

For the remainder of the week, markets may be particularly sensitive to headlines surrounding the Trump–Xi meeting, U.S.–China trade and AI discussions, developments around Iran and the UN General Assembly, and any signals capable of changing expectations for global energy supply.

With several major asset classes approaching important technical levels simultaneously, volatility could increase quickly if the geopolitical or monetary-policy narrative changes.

By Born2trade market research department

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