![](https://www.dooprimenews.com/wp-content/uploads/2023/08/Market-Insight-KV-EN-1200x628-8.jpg)
Gold >>
On Tuesday, the U.S. dollar and U.S. Treasury yields declined, while gold prices steadily rose. Spot gold closed up 0.64%, finishing at USD 2040.15 per ounce, reaching a peak of USD 2046.86 per ounce during the session, close to the near two-week high of USD 2047.55 resistance touched last Thursday.
February gold futures gained 0.57%, closing at USD 2052.1 per ounce. As the situation in the Middle East develops, geopolitical tensions have become the main driving factor this week. The Red Sea has become a breeding ground for uncertainty, and this situation seems likely to intensify.
Analysts suggest that if the ongoing conflicts and tensions in the Middle East do not find a resolution, gold will continue to dominate, offering further potential gains. In terms of technical analysis, gold experienced strong support and rebounded from a bottom during volatile trading.
In the Asian-European session, it made a slight upward push but faced resistance around the 2029 level, leading to a pullback and oscillation. In the afternoon, it further retraced downward to test and stabilize around the 2021 level, followed by a rebound.
In the evening U.S. session, after repeated oscillations around 2030-2032, there was a breakthrough by the bulls, accelerating the upward movement and reaching a strong close around 2040, though facing resistance and pulling back near 2046.
Technical Analysis:
![](https://www.dooprimenews.com/wp-content/uploads/2023/12/Gold-1220.png)
Today’s short-term strategy for gold suggests prioritizing short positions during rebounds, with long positions considered as a secondary approach during pullbacks.
- Key resistance levels to watch in the short term are around 2048-2053.
- Key support levels to watch in the short term are around 2028-2023.
WTI Crude Oil >>
On Tuesday, crude oil futures rose by USD 0.97 per barrel, or 1.34%, closing at USD 73.44 per barrel, reaching the highest level in over two weeks. Brent crude oil gained USD 1.28 per barrel, or 1.64%, closing at USD 79.23 per barrel, marking the highest level since December 1st.
On Monday, BP (British Petroleum) announced the suspension of all transits through the Red Sea. Subsequently, many other shippers issued similar notices. Approximately 12% of the world’s shipping volume passes through the Red Sea and the Suez Canal.
The tension around the Red Sea has disrupted maritime trade routes and forced more companies to alter their shipping routes. On Tuesday, oil prices rose by over 1% per barrel, continuing the momentum from the previous trading day, with the daily chart recording a fifth consecutive gain.
From a technical perspective, crude oil experienced repeated oscillations around the USD 72 level, stabilizing and rebounding after a tug of war.
In the U.S. evening session, it accelerated its upward movement, breaking through and standing above the USD 73 level, reaching a strong close near USD 74.4.
Technical Analysis:
![](https://www.dooprimenews.com/wp-content/uploads/2023/12/Oil-1220.png)
Today’s crude oil trading strategy suggests prioritizing short positions during rebounds, with long positions considered as a secondary approach during pullbacks.
- Key resistance levels to monitor in the short term are around 75.0-76.0.
- Key support levels to monitor in the short term are around 72.0-71.5.
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