GOLD

So, gold prices have broken out of a narrow range, renewing the maximal level, and now much will depend on the behavior of traders and investors in the near future. Prices dipped on Monday but remained around the historical level of $2500. Interest in lowering the Federal Reserve's interest rate in September led to gold prices hitting a record high on Friday. Coupled with increased geopolitical tensions and active buying by central banks, this has led to an increase in gold prices of more than 20% since the beginning of the year. Currently, the price is testing a recent extremum around the $2480 level. It is necessary to observe the price dynamics in this zone for the purpose of making substantiated trading decisions.

OIL

Meanwhile, oil continues its decline towards a strong support zone, located below the $73 mark. As it approaches the aforementioned $74 mark, a slowdown in the rate of decline can be observed. From a fundamental perspective, the decline is based on fears about demand in China. Customs data published over the weekend showed that China's exports of diesel fuel and gasoline sharply declined in July, reflecting a decrease in oil refining in the country due to low profitability. On Thursday, data also showed that China's economy has lost momentum: new home prices fell at the fastest pace in nine years, industrial production slowed, and unemployment rose.