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Gold Falls By 0.53% In Narrow Range, Crude Oil Sees Mixed Performance 


The market is focused on Fed Chairman Powell’s monetary policy testimony on Wednesday and Thursday, as the prevailing expectation of a July rate hike, driven by hawkish views, weighs on gold prices. 

Gold>> 

The U.S. Dollar Index slightly rebounded to 102.48, while gold prices dropped by 0.53% to the range of $1910.44 – $1960.76. The $1952 level remained relatively stable without substantial fluctuations.  

On Monday, gold experienced narrow and volatile trading, encountering resistance at $1958.61 per ounce and finding support at $1947.6 per ounce.  

Following last week’s gains, gold is currently undergoing a bearish correction. Today’s market still carries the pressure of technical retracement, as traders seek support levels. 

Currently, gold is trading within a narrow range, characterized by consistent fluctuations. However, all periods of volatility eventually come to a close.  

Given the upward momentum from 1924 to 1967, it is prudent to consider the continuation of the upward trend as the primary scenario. We should entertain the possibility of a bearish outlook only after breaking below the support level. 

Technical Analysis: 

Gold continues to favor long positions with potential pullbacks, supplemented by short positions. 

  • The upside target is set between $1967 and $1991 per ounce. 
  • The downside focuses on the range of $1947 to $1943 per ounce. 

WTI Oil>> 

Oil prices declined on Monday as economic concerns outweighed the boost from OPEC+ production cuts and the ongoing decrease in the number of active oil rigs in the U.S. for the seventh consecutive week.  

Market analysis indicates that the oil market is closely monitoring additional signals of global economic recovery. However, the second-highest historical crude processing volume in China’s refineries in May contributed to last week’s upward momentum. 

On Monday, crude oil experienced volatile trading, reaching a high of $72.240 per barrel but finding support and stabilizing around $70.803 per barrel. The price displayed a volatile pattern, with a bearish candlestick doji on the daily chart.  

It suggests a possible adjustment by the bulls or a potential exhaustion of the bullish momentum. The key focus remains on the effectiveness of the support level.  

Today, crude oil stabilized near $67.0 and entered a phase of significant price adjustments, with a notable resistance zone forming around $73.5. 

Technical Analysis: 

For crude oil, the prevailing strategy remains a range-bound bullish outlook, and today’s trading should consider a strategy that involves both short and long positions. 

  • Key resistance levels to monitors are between $72.3 and $73.5 per barrel. 
  • Key support levels to monitors are between $70.2 and $69.7 per barrel. 

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.   

 
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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