Pound Rise To A Nearly Two-year High Against Euro, Demand For Gold Boosted - Doo Prime News
Doo Prime News > Analysis > Market Insight > Pound Rise To A Nearly Two-year High Against Euro, Demand For Gold Boosted

1. Forex Market Insight  

EUR/USD 

The euro fell by 0.30% against the dollar to 1.1326. The euro performed strongly against the Swiss franc in early January. Through this, the exchange rate rose by 0.6% on Monday, 10th January 2022, moving higher for the fourth consecutive day to its highest level since late November.

Technical Analysis:

(EUR/USD 1-hour chart) 

Execution Insight: 

Today, we will pay attention to the suppression strength of the 1.1357-line. If the euro runs steadily below the 1.1357-line, we will pay attention to the support strength of the two positions below 1.1315 and 1.1267.

GBP Intraday Trend Analysis 

Fundamental Analysis: 

The British pound fell by 0.08% against the dollar to 1.3577. However, concerns about the negative impact of the Omicron variant on the economy eased, helping the pound rise to a nearly two-year high against the euro.

Technical Analysis: 

(GBP/USD 1-hour chart) 

Execution Insight: 

The pound is mainly concerned about the 1.3574-line today. If the pound runs below the 1.3574-line, it will pay attention to the support strength of the 1.3522 and 1.3450 positions. If the pound runs above the 1.3574-line, it will pay attention to the suppression of the 1.3669-line.

2. Precious Metals Market Insight

 

Gold 

Fundamental Analysis: 

The dollar rose across the board against all developed market currencies except the yen yesterday, with yields on the vast majority of maturities of U.S. bonds rising.

Gold prices shocked higher, with spot gold closing at $1,801.68 per ounce, as the dollar index gained momentum, boosting foreign investor demand for gold.

Technical Analysis:

(Gold 1-hour chart) 

Trading Strategies: 

Gold pays attention to the 1812-line today. If the gold price runs steadily below the 1812-line, then pay attention to the support strength of the two positions of 1793 and 1784. If the gold price breaks above the 1812-line, it will open up a further upward space. At that time, pay attention to the suppression of 1820-line.

3. Commodities Market Insight 

WTI Crude Oil 

Fundamental Analysis: 

U.S. oil ended by 0.6% lower yesterday, closing at $78.43 per barrel. Demand concerns triggered by a rapid increase in global cases of infection with the Omicron variant and the recovery of oil production in Libya and Kazakhstan added downward pressure on oil prices.

Technical Analysis:

(Crude oil 1-hour chart) 

Trading Strategies: 

Oil prices focus on the 80-line today. If the oil price runs below the 80-line, then focus on the support at 76.89 and 75.69. If the oil price breaks above the 80-line, then pay attention to the suppression of the 81.07-line.

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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