Search Mark
Home / Market Insight

Gold Price Hits Another 5-Month Low, Oil Prices End Two-Day Gains

Rising U.S. Treasury yields put pressure on gold, causing its price to hover around a five-month low. Concerns about the global economy still remain, leading to an initial over 1% increase in oil prices before a reversal, ending a two-day upward trend. 

The market’s attention is centered on the symposium in Jackson Hole, Wyoming, where expectations are set for hawkish statements from the Federal Reserve. 

Gold >> 

Gold prices hovered near a five-month low on Monday, pressured by the rise in U.S. Treasury yields. The market is also focused on Friday’s Federal Reserve Jackson Hole symposium, hoping for further clarity on the interest rate path. 

Intraday, gold hit a new low since March 13th, at $1884.70 per ounce, as robust economic data increased bets on a long-term rise in the U.S. federal funds rate, thereby reducing demand for non-yield assets like gold.  

Analysts noted, “The U.S. dollar index staying above 103 makes progress for assets like gold quite challenging. The market’s attention is on the annual global central bank conference held in Jackson Hole, Wyoming.” 

Following the opening on Monday, gold retraced to around $1884 and continued to hover around $1890. However, after an unexpected surge to $1898 during the U.S. session, it began to retreat, touching around $1885, forming a triple-bottom pattern. 

Technical Analysis: 

Today’s recommended strategy suggests prioritizing short positions on higher rebounds, with taking long positions on minor dips as a secondary approach. 

  • Key resistance levels to watch in the short term are around 1900-1905. 
  • Key support levels to watch in the short term are around 1885-1880. 

WTI Crude Oil

Crude oil halted its two-day gains, initially rising over 1% intraday before turning downward. Brent crude futures closed at $84.46, marking a 0.4% decline, while U.S. crude oil futures settled at $80.72 per barrel, down 0.65%. 

Reduced crude oil exports from Saudi Arabia and Russia, leading to a tightening of global supply, coupled with concerns about global demand growth amid a high-interest-rate environment, are key factors.  

Market analysts cited preliminary data from ship tracking company Kpler, stating that OPEC+ crude oil exports for August are set to decline for the second consecutive month. “Overall supply is decreasing while demand is rising. OPEC+ can maintain control unless there is an economic recession, slowdown, or decline in demand.” 

Despite the anticipated slowdown in U.S. production and divergent views on Federal Reserve interest rate policies, short-term oil prices could experience upward fluctuations, possibly reaching near $83.5. However, lingering global economic worries might limit oil price gains, with minimal data releases throughout the day. 

Technical Analysis: 

Today’s short-term trading strategy suggests focusing primarily on short positions during higher rebounds, while considering long positions on minor dips as a secondary approach. 

  • Key resistance levels to monitor in the short term are around 81.5-82.0. 
  • Key support levels to monitor in the short term are around 79.0-79.5. 

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 Surges USD 30 Intraday, Weak Demand Drags Oil Prices from Gains to Losses 

The market's anticipation of a June interest rate cut by the Federal Reserve grew, leading to a surge in gold prices to a three-month high of USD 2119.79 per ounce, with an increase of approximately USD 30 within the day.  

2024-3-5 | Market Insight

Gold Rises to Two-Month High, Crude Oil Up Nearly 2% 

Lower-than-expected economic data has boosted expectations of interest rate cuts, while the weakening US dollar pushed gold to its highest point in two months last Friday.

2024-3-4 | Market Insight

PCE May Delay Fed Rate Cuts, Boosting Gold Prices and Weighing on Oil 

The US PCE data met expectations, and the slight increase in initial jobless claims in the US provided upward momentum for gold prices, briefly touching a one-month high. 

2024-3-1 | Market Insight