Gold Bounces Back, U.S. Oil Drops More Than $3 - Doo Prime News
Doo Prime News > Analysis > Market Insight > Gold Bounces Back, U.S. Oil Drops More Than $3

1. Forex Market Insight    

EUR/USD  

The euro jumped against the dollar at one point, and the euro then pared gains. 

The European Central Bank raised interest rates more-than-expected on Thursday, as worries about runaway inflation outweighed growth concerns, even as the euro zone economy is suffering from the effects of the Russia-Ukraine war. 

Technical Analysis:

(EUR/USD 1-hour chart)  

We focus on the 1.0277-line today. If EUR runs steadily below the 1.0277-line, then pay attention to the support strength of the two positions of 1.0190 and 1.0116. If the strength of EUR breaks above the 1.0277-line, then pay attention to the suppression strength of the two positions of 1.0357 and 1.0529.   

GBP Intraday Trend Analysis   

Fundamental Analysis:

GBP/USD was down 0.04% at $1.1964. 

Markets are watching the race to replace Johnson as British Prime Minister, with former Chancellor of the Exchequer Sunnucks and Foreign Secretary Truss entering the final round of the race to become leader of the Conservative Party. 

Technical Analysis:

(GBP/USD 1-hour chart) 

Execution Insight:   

GBP is mainly focused on the 1.2005-line today. If GBP runs below the 1.2005-line, it will pay attention to the suppression strength of the two positions of 1.1916 and 1.1853. If GBP runs above the 1.2005-line, then pay attention to the suppression strength of the two positions of 1.2056 and 1.2106. 

2. Precious Metals Market Insight   

Gold   

Fundamental Analysis:   

Gold prices rebounded from a one-year low on Thursday, 21st July 2022, after rising more than 1% earlier. 

Gold’s safe-haven appeal was boosted by a retreating dollar and ongoing economic concerns.       

At the same time, geopolitical risks in Ukraine, rising energy prices and massive debt are driving demand for gold purchases. 

Technical Analysis:   

(Gold 1-hour chart)   

Trading Strategies:   

Gold pays attention to the 1723-line today. If the gold price runs steadily below the 1723-line, then it will pay attention to the support strength of the 1701 and 1680 positions. If the gold price breaks above the 1723-line, then pay attention to the suppression strength of the two positions of the 1742 and 1760.                                             

3. Commodities Market Insight   

WTI Crude Oil   

Fundamental Analysis:

Oil prices fell more than $3 on Thursday, 21st July 2022, as U.S. gasoline inventories rose and demand concerns were raised by the European Central Bank’s interest rate hike.

At the same time, the return of Libyan oil to the market and the resumption of Russian gas deliveries to Europe eased supply constraints. 

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 95.05 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.  

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