Gold and Oil - Review from August 21, 2024

Financial and commodity markets analytics

Gold

Gold prices decreased on Wednesday, the day after reaching record highs. Traders and investors are awaiting the protocols from the meeting of the US Federal Reserve System and the speech by Chairman Jerome Powell for hints about the possible course of interest rate reduction by the central bank. In this regard, it would be premature to make even medium-term plans for gold until the end of the week. However, it is possible to look for situations for short-term deals.

Oil

Oil quotes are retesting the zone around the $72.50 level. In this case, as with gold, it appears that traders have taken a wait-and-see position. In the zone of the $72.50 level and below, considering the acceptability of risks, it is possible to look for buying situations.