Gold and Oil - Review from 22.08.2024

Financial and commodity markets analytics

Gold

After reaching historic highs, gold prices remain within a narrow range. A block of data scheduled for publication on Thursday, as well as the speech of the Federal Reserve chairman on Friday, could serve as catalysts for volatility growth in the market. A decrease in quotations and consolidation below the mark of $2500, in case such a scenario unfolds, could form the basis for seeking conditions for sell transactions.

Oil

In the oil market, quotes have been falling for the fifth day in a row. The price drop is largely associated with recent economic data from the US and China. The price is around a recent low, in the area of the $72 level. The likelihood of price growth resuming from this area is quite high. However, this area is global, and before the start of the increase, quotations could update the reached low more than once.