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Gold Bounces Back, Oil Halts Three Weeks of Decline, U.S. CPI Data Looms 

The weakened U.S. dollar prompts a rebound in gold prices as the market awaits the impactful release of U.S. CPI data, focusing on Federal Reserve statements.  

Meanwhile, oil prices halt a three-week decline with a bounce of over 1%, shifting market attention to the IEA’s monthly report on the oil market. 

Gold >> 

On Monday, spot gold closed up 0.41%, settling at $1946.09 per ounce. December gold futures also gained 0.65%, closing at $1950.2 per ounce. 

Influenced by a weakened US dollar and declining US Treasury yields ahead of the release of the US Consumer Price Index (CPI), spot gold experienced a slight rebound.  

The US dollar, after reaching a one-week high against other currencies in the previous trading day, rose by 0.1%, diminishing the attractiveness of gold to holders of other currencies. Market attention now turns to the release of the US Consumer Price Index on Tuesday and speeches by several Federal Reserve officials later in the week. 

On the technical front, gold exhibited minor fluctuations after the opening on Monday. It briefly touched the 1933 level in early trading, but without a breakthrough. Instead, it showed a slight upward trend, remaining suppressed below 1940 during the European session. 

Technical Analysis: 

The short-term trading strategy for gold today suggests focusing on buying during pullbacks and considering short positions during rebounds. 

  • Key resistance levels to watch in the short term are around 1958-1963. 
  • Key support levels to watch in the short term are around 1935-1930. 

WTI Crude Oil >> 

Crude oil prices halted a three-week decline, witnessing a market sentiment uplift on Monday with an increase of over 1%. WTI crude rose by $1.09, or 1.4%, closing at $78.26 per barrel, while Brent crude increased by $1.09, or 1.3%, closing at $82.52 per barrel. 

Despite Iraq expressing support for the OPEC+ group’s production cuts, contributing to a rebound on the previous Friday, oil prices experienced a roughly 4% decline throughout the entire last week, marking the first three-week consecutive drop since May.  

The OPEC Monthly Report indicated a healthy fundamental outlook with robust global economic growth, leading to a market sentiment recovery and a Monday increase of over 1%. The market is now awaiting the IEA’s monthly oil market report and U.S. CPI data. 

Last Monday, crude oil faced a series of downward retracements, resulting in a three-week consecutive decline, relinquishing nearly half of the previous upward movement. The weekly chart entered a phase of broad oscillation, characterized by significant fluctuations between bullish and bearish forces. 

Technical Analysis: 

Today’s crude oil trading strategy suggests prioritizing long positions on pullbacks and considering short positions on rebounds. 

  • Key resistance levels to monitor in the short term are around 80.0-80.5. 
  • Key support levels to monitor in the short term are around 77.5-77.0. 

Forward-looking Statements    
This article contains “forward-looking statements” and may be identified by the use of forward-looking terminology such as “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “hope”, “intend”, “may”, “might”, “plan”, “potential”, “predict”, “should”, or “will”, or other variations thereon or comparable terminology. However, the absence of such terminology does not mean that a statement is not forward-looking. In particular, statements about the expectations, beliefs, plans, objectives, assumptions, future events, or future performance of Doo Prime will be generally assumed as forward-looking statements.     

Doo Prime has provided these forward-looking statements based on all current information available to Doo Prime and Doo Prime’s current expectations, assumptions, estimates, and projections. While Doo Prime believes these expectations, assumptions, estimations, and projections are reasonable, these forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond Doo Prime’s control. Such risks and uncertainties may cause results, performance, or achievements materially different from those expressed or implied by the forward-looking statements.     

Doo Prime does not provide any representation or warranty on the reliability, accuracy, or completeness of such statements. Doo Prime is not obliged to provide or release any updates or revisions to any forward-looking statements.    


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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