EUR/USD Drops 0.1%, Gold Rises More Than 1% - Doo Prime News
Doo Prime News > Analysis > Market Insight > EUR/USD Drops 0.1%, Gold Rises More Than 1%

1. Forex Market Insight    

EUR/USD  

EUR/USD dipped 0.1% to 1.0184. 

The euro had fallen to $0.9952 on July 14, the lowest since December 2002, weighed down by fears of an energy crisis in the region. 

Technical Analysis:

(EUR/USD 1-hour chart)  

We focus on the 1.0190-line today. If EUR runs steadily below the 1.0190-line, then pay attention to the support strength of the two positions of 1.0116 and 0.9999. If the strength of EUR breaks above the 1.0190-line, then pay attention to the suppression strength of the two positions of 1.0277 and 1.0357.   

GBP Intraday Trend Analysis   

Fundamental Analysis:

Gains in GBP/USD were limited during the European session due to weak UK domestic economic data. 

However, the pair broke above the 1.21 level as the Fed indicated a possible slowdown in future rate hikes after announcing a 75 basis point increase and as risk sentiment improved. 

Technical Analysis:

(GBP/USD 1-hour chart) 

Execution Insight:   

GBP is mainly focused on the 1.2106-line today. If GBP runs below the 1.2106-line, it will pay attention to the suppression strength of the two positions of 1.2056 and 1.2005. If GBP runs above the 1.2106-line, then pay attention to the suppression strength of the two positions of 1.2243 and 1.2301. 

2. Precious Metals Market Insight   

Gold   

Fundamental Analysis:   

Gold rose nearly 1.3% on Thursday as the shrinking U.S. economy boosted gold’s safe-haven appeal and the less aggressive tone of the Fed chairman’s speech pushed gold prices to extend gains. 

The U.S. economy unexpectedly contracted in the second quarter, with consumer spending growing at its slowest pace in two years and business spending falling, which could spark market fears that the economy has fallen into recession.  

Technical Analysis:   

(Gold 1-hour chart)   

Trading Strategies:   

Gold pays attention to the 1760-line today. If the gold price runs steadily below the 1760-line, then it will pay attention to the support strength of the 1751 and 1743 positions. If the gold price breaks above the 1760-line, then pay attention to the suppression strength of the two positions of the 1768 and 1783.                                                   

3. Commodities Market Insight   

WTI Crude Oil   

Fundamental Analysis:

Oil prices were mixed on Thursday, 28th July 2022, as concerns that a possible global recession would hit energy demand offset a draw in U.S. crude inventories and a rebound in gasoline consumption. 

Oil prices gave back gains in mid-morning trading after the release of gross domestic product (GDP) data from the U.S. Commerce Department, as the data fueled fears that a recession could hit energy demand. 

Data showed the U.S. economy unexpectedly contracted in the second quarter, with consumer spending growing at its slowest pace in two years and business spending falling. 

Technical Analysis:   

(Crude oil 1-hour chart)

Trading Strategies:   

Oil prices focus on the 98.15-line today. If the oil price runs above the 98.15-line, then focus on the suppression strength of the two positions of 99.50 and 102.52. If the oil price runs below the 98.15-line, then pay attention to the support strength of the two positions of 95.50 and 93.57.  

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.  

Share to

One Click Away To Global Investments

Register
Trade glod and Sliver on Doo Prime Doo Prime provides mainstream index futures and commodity futures around the world Doo Prime provide over 300 the most popular US and Hong Kong stock cfd products