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Gold Price Holds Above 2020, Red Sea Attacks Lead to Nearly 2% Rise in Oil Prices 

As central bank interest rates in various countries fluctuate, the US dollar has experienced a slight decline, and cautious sentiment in the market has risen. The price of gold is holding above the 2020 level.  

Concerns in the market about interruptions in crude oil supply have led to a more than 1% increase in oil prices, reaching a new high in nearly two weeks.  

Gold >> 

On Monday, as hopes for the end of the global tightening cycle have been growing, gold is currently hovering above USD 2020 per ounce, continuing to receive support. Spot gold closed up 0.37% at USD 2027.17 per ounce, while gold futures gained 0.24%, closing at USD 2040.5 per ounce. 

Following a significant weakening of the US dollar last week, the US dollar has experienced substantial volatility against multiple currencies, highlighting gold’s safe-haven function.  

Analysts believe that gold will experience a strong seasonal tailwind in the coming six weeks, supported by the dovish stance of the Federal Reserve and the decline of the US dollar. From a technical perspective, gold is generally oscillating within the narrow range of 2018-2033.  

After stabilizing around the USD 2020 level with two retracements before and after the U.S. session, it quickly surged, breaking through the European session’s opening decline at the USD 2027 level.  

It encountered resistance near USD 2033, experiencing a pullback and entering a range-bound consolidation before 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 2034-2040. 
  • Key support levels to watch in the short term are around 2015-2000. 

WTI Crude Oil >> 

On Monday, oil prices rose by nearly 2% as concerns in the market grew over the Red Sea attacks potentially disrupting maritime trade and supply costs. At the opening, both benchmark indices surged by nearly USD 3 per barrel.  

WTI crude oil closed up USD 1.04 per barrel, a 1.46% increase, at USD 72.47 per barrel. Earlier in the day, it had risen by 3.96%, reaching a two-week high of USD 74.25 per barrel. Brent crude oil closed up USD 1.40 per barrel, ending at USD 77.95 per barrel, with a daily increase of 1.83%. 

Complex information from the Federal Reserve about the prospect of interest rate cuts in 2024 led to a rise in US Treasury yields on Monday.  

Concerns about potential interruptions in crude oil supply were sparked by increased attacks by Houthi militants on ships in the Red Sea, contributing to the increase in oil prices. On the technical front, crude oil experienced a mixed session.  

Prices faced pressure around the USD 72.5 level during the Asian and European sessions, rapidly weakening. In the late U.S. session, there was a quick downward movement, breaking through the USD 71 level in a volatile pullback.  

Bulls regained control in the late U.S. session with a sharp V-shaped rebound, accelerating to break through the USD 74 level and reaching USD 74.6 before a strong closing pullback at 23:00. 

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 74.0-75.0. 
  • Key support levels to monitor in the short term are around 71.0-70.0. 

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. 

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