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Gold Slight Decline, Market Focus on Non-Farm Payrolls Data

Gold ended Friday with a decline, putting an end to its four-day consecutive upward trend, while oil climbed about 1% last Friday.  

This week, the market is closely watching economic data like U.S. inflation and non-farm payrolls, and the European Central Bank is set to release minutes from its July meeting on Thursday. 


Gold prices declined on Friday, putting an end to their four-day consecutive upward trend, following remarks from Federal Reserve Chair Powell indicating the potential need for further interest rate hikes. 

Gold settled down 0.4%, with the closing price at $1939.90. The rise in the U.S. dollar and the benchmark 10-year U.S. Treasury yield weakened the appeal of non-yielding gold. 

Last week, gold exhibited overall volatile gains, surpassing the $1900 mark. This week, mounting global geopolitical and economic uncertainties prompted investors to seek refuge in both the U.S. dollar and gold, leading to a scenario of simultaneous gains and losses in both. However, the rise in the dollar also constrained the increase in dollar-denominated gold prices. 

Gold found some support this week as weak business activity data raised speculation about limited room for further Fed rate hikes. The market’s focus remains on U.S. inflation, non-farm payrolls, and economic data, with the European Central Bank set to release minutes from its July meeting on Thursday. 

Technical Analysis: 

Today’s short-term strategy for gold suggests prioritizing short positions on higher rebounds, with long positions on minor pullbacks as a secondary approach. 

  • Key resistance levels to watch in the short term are around 1925-1930. 
  • Key support levels to watch in the short term are around 1900-1905. 

WTI Crude Oil >> 

Crude oil climbed by about 1% last Friday, reaching a weekly high. This surge was driven by a sharp increase in U.S. diesel prices, a decline in active oil rigs, and a refinery fire in Louisiana.  

Analysts noted, ‘The concerns primarily revolved around diesel prices, diesel crack spreads, and diesel shortages during refinery maintenance.’ 

This week, Brent crude fell by less than 1%, and U.S. crude dropped by around 2%. Both benchmarks experienced a 2% decline last week. Despite weak economic data from Germany, the largest economy in Europe, crude oil prices continued to rise.  

Analysts project that Brent crude prices are likely to find solid support around $80 per barrel, with a potential scarcity of crude oil for the remainder of the year, followed by a minor surplus in early 2024. 

Technical Analysis: 

Today’s short-term strategy for crude oil suggests prioritizing short positions on higher rebounds, with long positions on minor pullbacks as a secondary approach. 

  • Key resistance levels to monitor in the short term are around 81.0-80.5. 
  • Key support levels to monitor in the short term are around 78.0-78.5. 

Forward-looking Statements    
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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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