1. Forex Market Insight
EUR/USD
The euro fell 0.26% against the dollar on Tuesday, 6th December 2022 to $1.0465, while the dollar rose 0.8% against the yen. The European Central Bank management board member said Tuesday, that interest rates will rise further, but now “very close” to the neutral level.
Technical Analysis：
(EUR/USD 1-hour Chart)
We focus on the 1.0440 line today. If the EUR runs below the 1.0440 line, then pay attention to the support strength of the two positions of 1.0275 and 1.0440. If the strength of EUR rises over the 1.0440 line, then pay attention to the suppression strength of the two positions of 1.0529 and 1.0642.
GBP Intraday Trend Analysis
Fundamental Analysis：
The dollar was subdued and had risen sharply yesterday, 6th December 2022 when data showed an unexpected pickup in U.S. service sector activity in November, prompting investors to speculate that the Fed’s interest rate peak for this rate hike cycle could be higher than recently expected.
The market now expects the Fed to announce a 50 basis point rate hike on Dec. 14. Influenced by the rebounding rise in the U.S. dollar, the pound has recently shown a shocking downward trend.
Technical Analysis：
(GBP/USD 1-hour Chart)
GBP is mainly focused on the 1.2147-line today. If GBP runs below the 1.2147-line, it will pay attention to the suppression strength of the two positions of 1.1941 and 1.1762. If GBP runs above the 1.2147-line, then pay attention to the suppression strength of the two positions of 1.2276 and 1.2478.
2. Precious Metals Market Insight
Gold
Fundamental Analysis:
Gold prices rose slightly on Tuesday, 6th December 2022 as the dollar gave back some of its recent gains and U.S. Treasury yields retreated as the market awaited further clues about the Fed’s rate hike strategy. Spot gold rose 0.1% to $1769.42 per ounce, the trend is trapped in a narrow range.
Technical Analysis：
(Gold 1-hour Chart)
Gold pays attention to the 1768-line today. If the gold price runs below the 1768-line, then it will pay attention to the support strength of the 1747 and 1732 positions. If the gold price breaks above the 1768-line, then pay attention to the suppression strength of the two positions of 1783 and 1793.
3. Commodities Market Insight
WTI Crude Oil
Fundamental Analysis:
U.S. crude futures closed at their lowest level so far this year in shaky trading Tuesday, 6th December 2022 and Brent crude futures closed below $80 a barrel for the second time this year as markets pulled out of the volatile market amid economic uncertainty.
Oil prices have fallen more than 1% for three consecutive sessions, giving back most of their gains so far this year. The spate of bearish news made investors nervous despite the ongoing war in Ukraine and one of the worst energy crises in recent decades.
Technical Analysis：
(Crude Oil 1-hour Chart)
Oil prices focus on the 73.52- line today. If the oil price runs above the 73.52 -line, then focus on the suppression strength of the two positions of 75.04 and 77.54. If the oil price runs below the 73.52 -line, then pay attention to the support strength of the two positions of 72.77 and 70.49.
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.
