Gold Futures Close 1.2% higher, U.S. Oil Rises More Than 1% - Doo Prime News
Doo Prime News > Analysis > Market Insight > Gold Futures Close 1.2% higher, U.S. Oil Rises More Than 1%

1. Forex Market Insight    

EUR/USD  

According to recent data, France’s GDP grew by 4.5% in the first quarter, down 0.2% from the previous quarter. 

At the same time, Germany, Italy and other major countries in the eurozone economy are also on the verge of decline. 

EUR/USD fell sharply for the second consecutive session, falling to an intraday low of 1.0627, a 0.8% drop for the day.  

Despite the European Central Bank’s (ECB) announcement that it will end the support of negative interest rates by September.

However, due to the fear of the Fed’s continued strong rate hikes in June, the EUR/USD still retraced from the recent rally highs. 

Technical Analysis:

(EUR/USD 1-hour chart)  

We focus on the 1.0776-line today. If EUR runs steadily above the 1.0776-line, then pay attention to the support strength of the two positions of 1.0832 and 1.0890. If the strength of EUR breaks below the 1.0697-line, then pay attention to the suppression strength of the two positions of 1.0697 and 1.0642.   

GBP Intraday Trend Analysis   

Fundamental Analysis:

President Joe Biden and Federal Reserve Chairman Jerome Powell, after meeting for the first time in six months 

Biden said the Federal Reserve will use its policy tools to deal with the problem of high prices. 

Fed Governor Waller said he supports a 50 basis point rate hike for “multiple” meetings in the future, and an increase above the neutral level by the end of this year. 

The remarks led to a stabilization and recovery of the U.S. index. At the same time causing the pound to enter a post-rally shakeout. 

Technical Analysis:

(GBP/USD 1-hour chart) 

Execution Insight:   

GBP is mainly focused on the 1.2478-line today. If GBP runs below the 1.2478-line, it will pay attention to the suppression strength of the two positions of 1.2301 and 1.2243. If GBP runs above the 1.2478-line, then pay attention to the suppression strength of the two positions of 1.2668 and 1.2807. 

2. Precious Metals Market Insight   

Gold   

Fundamental Analysis:   

Gold prices rose more than 1% on Thursday, 2nd June 2022, with spot gold touching the 1870 mark at its highest. Gold prices rose more than 1% on Thursday,2nd June 2022, with spot gold touching the 1870 mark at its highest, a new high since 10th May 2022, closing at $1868.27 per ounce. 

Supported by a falling dollar and data showing that U.S. private jobs rose less than expected last month. 

U.S. gold futures closed 1.2% higher at $1,871.4 per ounce. 

Technical Analysis:   

(Gold 1-hour chart)   

Trading Strategies:   

Gold pays attention to the 1871-line today. If the gold price runs steadily above the 1871-line, then it will pay attention to the support strength of the 1880 and 1892 positions. If the gold price breaks below the 1871-line, then pay attention to the suppression strength of the two positions of the 1866 and 1847.                    

3. Commodities Market Insight   

WTI Crude Oil   

Fundamental Analysis:

Oil prices rose more than 1% on Thursday, 2nd June 2022. 

U.S. crude oil inventories fell more than expected as demand for the fuel was strong. 

Oil markets were not affected by the news that OPEC+ agreed to increase crude oil production to compensate for the decline in Russian output. 

Technical Analysis:   

(Crude Oil 1-hour chart)   

Trading Strategies:   

Oil prices focus on the 111.95-line today. If the oil price runs above the 111.95-line, then focus on the suppression strength of the two positions of 116.30 and 120.00. If the oil price runs below the 111.95-line, then pay attention to the support strength of the two positions of 109.62 and 107.52.   

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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