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U.S. Dollar Index Plunges, Gold Rebounds Up 0.08%, And Oil Prices Surge Nearly 3% 

Overnight, the European Central Bank (ECB) convened its June interest rate decision meeting, opting to raise rates by 25 basis points. This decision pushed the deposit facility rate to a level of 3.5%, the highest it has been in over two decades.  

The market had previously anticipated a pause in rate hikes, aligning with the stance of the Federal Reserve. However, the ECB’s forward guidance indicated no such pause, signaling a strong possibility of another rate increase in July.  

This hawkish approach to monetary policy by the ECB resulted in a substantial surge in the EUR/USD exchange rate.


The U.S. Dollar Index experienced a significant technical breakdown, resulting in a sharp decline, while precious metal prices halted their decline and rebounded in a strong V-shaped recovery. As of the June 15th closing, the August COMEX gold futures settled at $1970.5 per ounce in the Asian market, recording a modest increase of 0.08%. 

Although gold managed to surpass its daily moving average, it still faces substantial technical resistance. Key levels such as the short-term trendline at 1965, previous highs at 1970-1973, and the mid-term trendline at 1985 will all pose significant challenges. Gold alone may struggle to break through these levels, necessitating continued reliance on positive fundamentals and a weakening U.S. Dollar to sustain momentum. 

Technical Analysis: 

  • On the upside, the focus is on the level of 1960, with particular attention to the short-term resistance at 1965. If this resistance is successfully surpassed, further attention can be shifted to the resistance zone of 1970-1973. 
  • On the downside, if the market retraces, the focus will continue on the level near 1950, where a potential battle could ensue. The main support levels to monitor below are the previous trendline at 1943-1940. 

WTI Oil>> 

Today, crude oil is trading near $70.50 per barrel as oil prices surged nearly 3% on Thursday, reaching a one-week high. The increase in oil prices can be attributed to a weak U.S. dollar, unexpected growth in U.S. retail sales for May, and anticipation of increased processing capacity in China, the largest crude oil importer. 

Additionally, the European Parliament’s vote in support of Ukraine joining NATO or escalating geopolitical tensions has provided multiple bullish factors, boosting optimism for demand in the second half of the year. As a result, oil prices may embark on a new upward trend.  

However, it is important to closely monitor the short-term uncertainty risk related to the recent attack on the Kakhovka hydropower dam. 

Technical Analysis: 
Today, there was a retracement to $69.7, with a stop loss at $69.1. The target is set at $71, and a break above could lead to further gains toward $71.5. 

  • On the upside, attention should be given to the resistance at $71.8. If the price remains range-bound below $71, it may indicate a lack of upward momentum. 
  • On the downside, it is possible to consider a short position. If a break occurs, re-entry around $71.4 – $71.6 could be considered, with a defensive stance at $72. 

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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