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Gold Futures Down 0.2%, U.S. Oil Falls Nearly 4%

1. Forex Market Insight    


Eurostat recently released data showing that on a seasonally adjusted basis, the GDP of the 19 countries in the euro area grew by 5.1% year-on-year and 0.3% month-on-month in the first quarter. 

Both were better than expected, leading to a rebound in the euro. 

Technical Analysis:

(EUR/USD 1-hour chart)  

We focus on the 1.0529-line today. If EUR runs steadily above the 1.0529-line, then pay attention to the support strength of the two positions of 1.0662 and 1.0776. If the strength of EUR breaks below the 1.0529-line, then pay attention to the suppression strength of the two positions of 1.0357 and 1.0184.

GBP Intraday Trend Analysis   

Fundamental Analysis:

GBP/USD fell more than 1.2% yesterday, 18th May 2022, after data showed that British inflation rose to a 40-year high of 9%.

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 1.2243 and 1.2106. 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   


Fundamental Analysis:   

Gold oscillated narrowly in the 1807-1824 range yesterday, 18th May 2022, and closed near 1816. 

The decline in U.S. Treasury yields helped offset the pressure from a stronger dollar and the Federal Reserve’s plans to raise interest rates sharply. 

U.S. gold futures settled at $1,815.9, down 0.2%. 

Technical Analysis:   

(Gold 1-hour chart)   

Trading Strategies:   

Gold pays attention to the 1830-line today. If the gold price runs steadily below the 1830-line, then it will pay attention to the support strength of the 1812 and 1793 positions. If the gold price breaks above the 1830-line, then pay attention to the suppression strength of the two positions of the 1844 and 1866.      

3. Commodities Market Insight   

WTI Crude Oil   

Fundamental Analysis:

Oil prices fell nearly 4% on Wednesday, 18th May 2022, from Tuesday’s close, 17th May 2022, giving back early gains. 

An unexpected increase in refined oil inventories and a continued increase in U.S. crude oil production, despite declines in crude oil and gasoline inventories. 

Moreover, with concerns about the Asian epidemic rising again, U.S. stocks plunged, a significant drag on oil prices. 

Brent crude futures settled down $2.82, or 2.5%, at $109.11 a barrel. 

U.S. crude futures fell $2.81, or 2.5%, to $109.59 a barrel. 

Technical Analysis:   

(Crude Oil 1-hour chart)   

Trading Strategies:   

Oil prices focus on the 109.62-line today. If the oil price runs below the 109.62-line, then focus on the suppression strength of the two positions of 105.01 and 102.52. If the oil price runs above the 109.62-line, then pay attention to the support strength of the two positions of 111.95 and 116.30.  


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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