Search Mark
Home / Market Insight

Gold Rises, Oil Hits Two-Month High

Gold Rises, Oil Hits Two-Month High


On Monday, gold prices rose by 0.22%, supported by short-covering from some investors and weaker-than-expected US June ISM Manufacturing PMI data.

Spot gold climbed above the $2330 level, closing at $2331.73 per ounce. The market’s focus now shifts to US employment data due later this week, which could provide further clues on a potential Fed rate cut.

US manufacturing continued to contract for the third consecutive month in June, with the input prices index falling to a six-month low, indicating that inflation may continue to decline.

This week’s highlights include Fed Chair Powell’s speech on Tuesday, the release of the June FOMC meeting minutes on Wednesday, and the US non-farm payrolls report on Friday.

Gold Technical Analysis:

Yesterday, gold maintained its recent pattern of narrow-range consolidation. During the Asian and European sessions, prices briefly dipped to $2319 before rebounding strongly.

The US session saw a rapid surge past the $2338 level, followed by a pullback and further consolidation. By the close, prices had stabilized around the $2319 level.

Gold Rises, Oil Hits Two-Month High

Today’s Focus:

  • Short-term strategy: Favor buying on pullbacks and shorting on rebounds.
  • Resistance: $2345-$2350
  • Support: $2318-$2313


On Monday, oil prices rose about 2%, reaching a two-month high, driven by expectations of increased summer driving demand in the Northern Hemisphere and concerns that the Gaza conflict might spread and disrupt global oil supplies.

WTI crude closed up 2.35% at $83.35 per barrel, while Brent crude closed up 2.06% at $86.61 per barrel.

Since the onset of the Gaza conflict, there have been growing fears of a full-scale war. The OPEC+ alliance has extended most of its oil production cuts until 2025, leading analysts to predict a supply shortage in the third quarter as summer transportation and air conditioning demand deplete fuel inventories.

Oil Technical Analysis:

Yesterday, oil prices continued their strong upward trend. After a brief dip to $81.7 during the Asian and European sessions, prices rebounded strongly. The US session saw further acceleration, breaking through the $82.5 level and continuing higher, eventually closing near $83.6.

Gold Rises, Oil Hits Two-Month High

Today’s Focus:

  • Short-term strategy: Favor buying on pullbacks and shorting on rebounds.
  • Resistance: $84.5-$85.0
  • Support: $82.2-$81.7

Risk Disclosure
Trading in financial instruments involves high risks due to the fluctuation in the value and prices of the underlying financial instruments. Due to the adverse and unpredictable market movements, large losses exceeding the investor’s initial investment could incur within a short period of time. The past performance of a financial instrument is not an indication of its future performance. Investments in certain services should be made on margin or leverage, where relatively small movements in trading prices may have a disproportionately large impact on the client’s investment and the client should therefore be prepared to suffer significant losses when using such trading facilities.

Please ensure you read and fully understand the trading risks of the respective financial instrument before engaging in any transaction with Doo Prime’s trading platforms. You should seek independent professional advice if you do not understand any of the risks disclosed by us herein or any risk associated with the trade and investment of financial instruments. Please refer to Doo Prime’s Client Agreement and Risk Disclosure Statement to learn more.

This information is addressed to the general public solely for information purposes and should not be taken as investment advice, recommendation, offer, or solicitation to buy or sell any financial instrument. The information displayed herein has been prepared without any reference or consideration to any particular recipient’s investment objectives or financial situation. Any references to the past performance of a financial instrument, index, or a packaged investment product shall not be taken as a reliable indicator of its future performance. Doo Prime and its holding company, affiliates, subsidiaries, associated companies, partners and their respective employees, make no representation or warranties to the information displayed and shall not be liable for any direct, indirect, special or consequential loss or damages incurred a result of any inaccuracies or incompleteness of the information provided, and any direct or indirect trading risks, profit, or loss arising from any individual’s or client’s investment.

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