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Spot Gold Rangebound And Crude Oil Exhibiting Volatile Retreat As Market Awaits Powell’s Speech 

Gold prices fluctuate as increased oil supply from Iran and Russia dampens market sentiment. The market is eagerly awaiting Federal Reserve Chairman Powell’s speech this week, hoping to gain new insights that could potentially shape future interest rate decisions. 


Gold is experiencing downward pressure as it breaks below the 100-day moving average support at 1942 and oscillates within that range.  

The spot gold price continues to hover within a narrow fluctuation, showing a slight increase of 0.02% to $1950.73 per ounce.  

Market sentiment is focused on Powell’s congressional testimony scheduled for Wednesday and Thursday, which is anticipated to undermine confidence among gold bulls. 

Gold remains range-bound in the short term, struggling to break out of the current range. Upside potential is seen around $1970 and $1980 per ounce, while downside potential is observed around $1940 and $1932 per ounce.  

The price of gold is currently being suppressed by the moving averages, and it’s important to monitor the breakout of the Bollinger Bands within the range of $1932.30 to $1985.74.  

The lower level of this range is close to the support at the low point on May 30th, while the upper level is near the resistance at the high point on May 18th, making it a significant consolidation range for gold over the past month. 

Today, gold opened with oscillations, rebounded to around $1956, retraced to test support at $1944, and then rebounded again to test resistance near $1954.  

In the U.S. session, there was a sharp decline, testing the support near $1929, and the price rebounded to close around $1936. 

Technical Analysis: 

  • Consider short positions around $1965 – $1967 with a stop loss of $5 and target levels around $1942 – $1927. 
  • Consider long positions around $1923 – $1925 with a stop loss of $5 and target levels around $1953 – $1977. 

WTI Oil>> 

International oil prices have strengthened as Saudi Arabia prepares to fulfill its previous commitment to production cuts, providing support to oil prices. However, the sluggish demand and potential overestimation of Russian production cuts may limit the upside potential of oil prices. Market analysis suggests that with Saudi Arabia’s production cuts starting in July and a slight improvement in economic activities, crude oil prices are expected to rise and may reach $80 per barrel. Analysts also predict that oil prices will not experience a significant increase due to the anticipated increase in supply from non-OPEC countries by the end of the year, and the expectation that OPEC+ will struggle to comply with production quotas, which has recently led to a decline in oil prices. 

Today, WTI crude oil is trading around $71.05 per barrel. Oil prices experienced a slight retreat in Tuesday’s volatile trading, driven by increased crude oil supplies from Iran and Russia, intensifying bearish sentiment in the market. Tuesday’s closing of a doji candlestick indicates continued consolidation on the daily chart, suggesting a range-bound movement in the short term with no clear directional bias. 

Technical Analysis: 

The focus should be on buying on dips and selling on rebounds. Short-term trading should adopt a range-bound approach, with key levels as reference points, considering the intraday market patterns for trade execution. 

  • Key resistance levels to watch in the short term are around $71.8 – $72.3 per barrel. 
  • Key support levels to watch in the short term are around $70 – $69.5 per barrel. 

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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