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Gold Price Surges to One-Week High, Oil Prices Rally and Retreat 

The soft U.S. inflation report led to a sharp drop in U.S. Treasury yields, putting pressure on the U.S. dollar and boosting gold prices to a one-week high.  

Signs indicate a potential easing of tension in the Middle East and uncertainty in U.S. oil inventories, causing oil prices to retreat from early gains, briefly reaching a one-week high before pulling back. 

Gold >>

On Tuesday, spot gold closed at $1,966.96 per ounce, up 0.86%, while December gold futures settled 0.2% higher at $1,966.7 per ounce. 

Boosted by a significant decline in the U.S. dollar and a rise in U.S. Treasury yields, spot gold saw a substantial increase. The release of U.S. inflation data sparked a strong market reaction, lifting the stock market and pushing the U.S. dollar to its lowest level in months.  

Gold prices are expected to continue rising. The U.S. CPI data confirmed soft potential demand in the U.S., providing a reason for the mild strengthening of the U.S. dollar index, which is favorable for gold investment demand. 

On the technical side, after the release of the CPI data in the evening, gold experienced a strong bullish rally, breaking through previous highs and continuing the upward trend.  

During the Asia-Europe session, prices fluctuated and consolidated above $1,943, showing resistance to declines. In the late U.S. session, influenced by the positive impact of the CPI data, gold prices overall experienced a strong bullish rally, breaking through and holding above the $1,960 level.  

Towards the end of the U.S. session, there was an accelerated push higher, breaking through the $1,970 level before facing resistance, leading to a pullback and a volatile close. 

Technical Analysis: 

Today’s gold short-term trading strategy suggests focusing on establishing long positions during pullbacks, with short positions at higher levels as a secondary approach. 

  • Key resistance levels to watch in the short term are around 1975-1989. 
  • Key support levels to watch in the short term are around 1955-1945. 

WTI Crude Oil >> 

On Tuesday, WTI crude oil futures closed flat at $78.26 per barrel, while Brent crude oil futures fell by $0.05 per barrel to $82.47, dropping below the settlement price of $84.58 per barrel on October 6, the day before Hamas attacked Israel. 

Despite expectations of a slowdown in economic growth in almost all major economies, the International Energy Agency (IEA) raised its forecasts for oil demand growth for this year and the next.  

OPEC also increased its predictions for global oil demand growth in 2023 and maintained relatively high forecasts for 2024. According to the U.S. Energy Information Administration (EIA), API crude production in the United States increased by 152,000 barrels per day until November 10th.  

The monthly report indicates a potential supply shortage in the oil market by the end of the year, with the possibility of oversupply in early 2024. 

On the technical side, oil prices experienced an initial rise followed by a decline. During the Asia-Europe session, prices quickly dipped and stabilized around the $77.7 level, prompting a rapid bullish rally breaking above.  

In the late U.S. session, there was a second acceleration in pushing higher, breaking through the $79.7 level before facing resistance and pulling back to close with volatility around the $78 level. 

Technical Analysis: 

Today’s crude oil trading strategy suggests a focus on establishing long positions on pullbacks as the primary approach, with short positions at higher levels as a secondary consideration. 

  • Key resistance levels to monitor in the short term are around 79.7-80.2. 
  • Key support levels to monitor in the short term are around 77.0-76.5. 

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. 

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