Gold Prices Climb Higher, Oil Prices Rise More Than 1.6% - Doo Prime News
Doo Prime News > Analysis > Market Insight > Gold Prices Climb Higher, Oil Prices Rise More Than 1.6%

1. Forex Market Insight    

EUR/USD  

EUR/USD rose for third straight session on Tuesday, 19th July 2022. 

Earlier, Reuters reported citing sources that the European Central Bank (ECB) policymakers are considering raising interest rates by 50 basis points, a larger-than-expected rate, at their meeting on Thursday to curb record-high inflation.

The euro rallied further away from near-parity levels hit last week, as expectations for an aggressive 100 basis point rate hike by the Federal Reserve this month have dented the greenback. 

Technical Analysis:

(EUR/USD 1-hour chart)  

We focus on the 1.0277-line today. If EUR runs steadily below the 1.0277-line, then pay attention to the support strength of the two positions of 1.0190 and 1.0116. If the strength of EUR breaks above the 1.0277-line, then pay attention to the suppression strength of the two positions of 1.0357 and 1.0529.   

GBP Intraday Trend Analysis   

Fundamental Analysis:

With the opportunity of the US dollar’s high correction, the pound against the US dollar continued its recent rebound, breaking through 1.20 again on Tuesday, reaching an intraday high of 1.2045. 

Sterling central bank governor Bailey said the Bank of England will consider raising interest rates by 50 basis points in August to accelerate the pace of fighting inflation.  

In addition, he also said that the Bank of England may reduce its holdings of British government bonds, that is, to start quantitative tightening. 

Technical Analysis:

(GBP/USD 1-hour chart) 

Execution Insight:   

GBP is mainly focused on the 1.2056-line today. If GBP runs below the 1.2056-line, it will pay attention to the suppression strength of the two positions of 1.1970 and 1.1916. If GBP runs above the 1.2056-line, then pay attention to the suppression strength of the two positions of 1.2106 and 1.2243. 

2. Precious Metals Market Insight   

Gold   

Fundamental Analysis:   

Gold prices climbed on Tuesday, 19th July 2022, helped by a retreat in the dollar.

Markets are bracing for clues on the pace of interest rate hikes by major central banks this month.    

Technical Analysis:   

(Gold 1-hour chart)   

Trading Strategies:   

Gold pays attention to the 1701-line today. If the gold price runs steadily below the 1701-line, then it will pay attention to the support strength of the 1690 and 1680 positions. If the gold price breaks above the 1701-line, then pay attention to the suppression strength of the two positions of the 1722 and 1742.                                              

3. Commodities Market Insight   

WTI Crude Oil   

Fundamental Analysis:

Oil prices rose more than 1.6% on Tuesday, 19th July 2022. 

Global benchmark Brent crude futures settled at their highest in two weeks in choppy trade on concerns about tight supplies and a weaker dollar. 

Technical Analysis:   

(Crude oil 1-hour chart)

Trading Strategies:   

Oil prices focus on the 99.50-line today. If the oil price runs above the 99.50-line, then focus on the suppression strength of the two positions of 102.52 and 105.01. If the oil price runs below the 99.50-line, then pay attention to the support strength of the two positions of 97.33 and 95.05.  

Disclaimer    

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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