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Gold Rises On U.S. Independence Day, Market Focuses On Fed Meeting Minutes 

Gold prices rose during quiet holiday trading as the market focused on the Federal Reserve’s release of the June meeting minutes for further clues on future interest rate paths. Oil prices climbed as the market weighed the balance between major oil-exporting countries Saudi Arabia and Russia’s supply cuts in August and the sluggish global economic outlook. 


Gold prices rose on Tuesday amidst subdued market trading due to the U.S. Independence Day holiday. Spot gold closed at $1925.65 per ounce, reaching a high of $1930.75 per ounce and a low of $1919.81 per ounce during the session. Market participants eagerly await the release of the Federal Reserve’s June meeting minutes on Thursday, seeking further insights into the future interest rate trajectory. 

During Wednesday’s Asian session, spot gold exhibited narrow fluctuations, casting doubt on the possibility of the Federal Reserve maintaining its hawkish policy stance. The rebound of the U.S. dollar index faced resistance, providing ongoing support for gold prices. 

Technical Analysis: 

For short-term trading strategies in gold, it is advisable to focus on shorting during rebounds and consider buying on pullbacks. 

  • Key resistance levels to monitor in the near term are between 1937 and 1942. 
  • Key support levels to watch in the near term are between 1910 and 1915. 

WTI Crude Oil >> 

During Tuesday’s U.S. session, WTI crude oil traded around $71.07 per barrel. In the early Asian session on Wednesday, it hovered near $71.12 per barrel. Oil prices climbed as the market balanced the reduction in supply by major oil-exporting countries Saudi Arabia and Russia in August against concerns about a weak global economic outlook. Geopolitical tensions and Russia’s firm stance against external pressure also contributed to the price increase. 

The global economic slowdown has dampened the impact of production cuts by Saudi Arabia and its OPEC allies, leading to a bearish sentiment among investors toward crude oil. Market attention is now focused on the OPEC International Seminar and the upcoming release of the Federal Reserve’s monetary policy meeting minutes. 

In the previous session, the crude oil market exhibited range-bound trading, fluctuating between 70.7 and 70.2. It dipped to around 69.9 in the Asian session before rebounding to a high near 71.44. However, it experienced downward pressure after breaking below 71.2, reaching around 70. The lowest point for crude oil yesterday was approximately 69.97. 

Technical Analysis: 

For today’s crude oil trading, it is recommended to focus on buying on dips as the primary strategy, with selling on rallies as a secondary approach. 

  • Key resistance levels to watch in the short term are between 71.8 and 72.3. 
  • Key support levels to monitor in the short term are between 69.5 and 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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