Search Mark
Home / Market Insight

Gold Ignores Strengthening Dollar to Hit New Highs, US Oil Returns Above USD 85 Mark 

Gold ignores the strength of the US dollar and continues to push higher, once again hitting a historic high of USD 2288.21 per ounce. API reports indicate strong demand, oil prices continue to rise, reaching over a five-month high. 

Gold >>   

On Tuesday, gold ignored the strengthening US dollar and continued its upward trend. Spot gold surged during the US trading session, reaching a new historical high of USD 2280.94 per ounce, ultimately closing up by 1.3% at USD 2280.35 per ounce. 

US manufacturing activity in March expanded for the first time in a year and a half, prompting a sharp rise in the US dollar. Following the data release, traders perceived the likelihood of a rate cut in June to decrease from around 60% to 58%.  

However, speeches from Federal Reserve officials on Tuesday and mild slowdown in employment data caused expectations of a rate cut in June by the Fed to slightly rise to around 64%.  

Yesterday, amidst oscillations at high levels, gold’s technical aspect saw strong bullish movement breaking through highs and closing higher. During the Asian-European trading session, prices slightly retraced and stabilized around the USD 2248 level before modestly rising.  

Accelerating further in the afternoon, it broke through the USD 2266 level but quickly retreated under pressure, experiencing rapid declines. Ahead of the US trading session, it found support twice near the USD 2253 level, once again witnessing a strong bullish rally breaking through highs.  

Eventually, accelerating upward in the early morning, it breached and held above the $2270 level, reaching near USD 2288 before a robust closing. 

Technical Analysis: 

Today’s short-term strategy for gold suggests prioritizing short positions during rebounds, with long positions considered as a secondary approach during pullbacks. 

  • Key resistance levels to watch in the short term are around 2295-2300. 
  • Key support levels to watch in the short term are around 2265-2260. 

WTI Crude Oil >> 

On Tuesday, WTI crude oil surged above USD 85 per barrel during the trading session, marking a daily increase of over 1% and hitting new highs since October last year, ultimately closing up by 1.76% at USD 85.39 per barrel.  

Brent crude oil also reached new highs since October last year, closing up by 1.7% at USD 89.23 per barrel. The latest API report indicates declines in both US crude oil and petroleum product inventories last week, suggesting strong demand.  

Specifically, API crude oil inventories fell by 2.286 million barrels, gasoline inventories decreased by 1.461 million barrels, and distillate inventories dropped by 2.548 million barrels. Investors also need to pay attention to the EIA crude oil inventory series data to be released on Wednesday evening. 

Yesterday, oil prices stabilized around the USD 83.80 level and once again saw strong bullish oscillations breaking through highs to close higher. The daily candlestick chart closed with a bullish tone, indicating an upward breakthrough amidst oscillations. Overall, prices continued their bullish momentum, supported by the 5-day moving average. 

Technical Analysis: 

Today’s crude oil trading strategy suggests prioritizing short positions during rebounds, with long positions considered as a secondary approach during pullbacks 

  • Key resistance levels to monitor in the short term are around 86.5-87.0. 
  • Key support levels to monitor in the short term are around 84.5-84.0. 

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. 

Share to

Market Insight

Gold Rises on Rate Cut Hopes, Oil Prices Retreat

Gold prices surged to a near two-month high as Fed Powell's dovish comments boosted rate cut expectations. Meanwhile, oil prices fell due to demand concerns

2024-7-16 | Market Insight

Gold Faces Resistance, Oil Rebounds Ahead of US CPI Data

Gold surged before pulling back as Powell hinted at potential rate cuts, while oil rebounded from a two-week low amid strong US refining activity

2024-7-11 | Market Insight

Powell's Remarks Boost Gold; Oil Falls as Hurricane Impact Eases

Fed Powell hints at a possible rate cut, boosting gold despite a stronger dollar and rising Treasury yields. Meanwhile, oil decline for the third straight day

2024-7-10 | Market Insight