EUR/USD Up 0.37%, Gold Price Rise Nearly 1% - Doo Prime News
Doo Prime News > Analysis > Market Insight > EUR/USD Up 0.37%, Gold Price Rise Nearly 1%
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1. Forex Market Insight     

EUR/USD 

The euro rose 0.37% against the dollar on Wednesday, 7th December 2022 to $1.0505. As signs that Europe’s recession may not be as severe as previously feared, this is giving the euro upward momentum. 

Technical Analysis:  

(EUR/USD 1-hour Chart)

We focus on the 1.0440 line today. If the EUR runs below the 1.0440 line, then pay attention to the support strength of the two positions of 1.0275 and 1.0440. If the strength of EUR rises over the 1.0440 line, then pay attention to the suppression strength of the two positions of 1.0529 and 1.0642.  

GBP Intraday Trend Analysis  

Fundamental Analysis:   

The market expects the Bank of England to make another 50 basis point rate hike in December before rates peak at 3.50%. The British pound rose 0.63% against the U.S. dollar to close at 1.2207 on Wednesday, 7th December 2022.    

Technical Analysis:

(GBP/USD 1-hour Chart)

GBP is mainly focused on the 1.2147-line today. If GBP runs below the 1.2147-line, it will pay attention to the suppression strength of the two positions of 1.1941 and 1.1762. If GBP runs above the 1.2147-line, then pay attention to the suppression strength of the two positions of 1.2276 and 1.2478.

2. Precious Metals Market Insight

Gold

Fundamental Analysis:   

Gold prices rose nearly 1% Wednesday, 7th December 2022 helped by a retreat in the dollar and U.S. bond yields, as the market expects the Federal Reserve to slow the pace of interest rate hikes at next week’s policy meeting.    

Technical Analysis:   

(Gold 1-hour Chart) 

Gold pays attention to the 1768-line today. If the gold price runs below the 1768-line, then it will pay attention to the support strength of the 1747 and 1732 positions. If the gold price breaks above the 1768-line, then pay attention to the suppression strength of the two positions of 1793 and 1808.  

3. Commodities Market Insight   

WTI Crude Oil   

Fundamental Analysis:   

Oil prices fell to their lowest level so far this year on Wednesday, 7th December 2022 giving back all the gains made since Russia’s invasion of Ukraine, a war that has exacerbated the worst global energy supply crisis in decades.  

The world’s most actively traded commodity soared to nearly $140 a barrel in March, near record highs, since Moscow launched a “special military operation” in Ukraine. 

Technical Analysis:

(Crude Oil 1-hour Chart) 

Oil prices focus on the 73.52- line today. If the oil price runs above the 73.52 -line, then focus on the suppression strength of the two positions of 75.04 and 77.54. If the oil price runs below the 73.52 -line, then pay attention to the support strength of the two positions of 72.77 and 70.49.  



Disclaimer    

While every effort has been made to ensure the accuracy of the information in this document, DOO Prime does not warrant or guarantee the accuracy, completeness or reliability of this information. DOO Prime does not accept responsibility for any losses or damages arising directly or indirectly, from the use of this document. The material contained in this document is provided solely for general information and educational purposes and is not and should not be construed as, an offer to buy or sell, or as a solicitation of an offer to buy or sell, securities, futures, options, bonds or any other relevant financial instruments or investments. Nothing in this document should be taken as making any recommendations or providing any investment or other advice with respect to the purchase, sale or other disposition of financial instruments, any related products or any other products, securities or investments. Trading involves risk and you are advised to exercise caution in relation to the report. Before making any investment decision, prospective investors should seek advice from their own financial advisers, take into account their individual financial needs and circumstances and carefully consider the risks associated with such investment decision. 

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