Gold and Oil - Review from 03.09.2024

Financial and commodity markets analytics


Gold

The support zone at the $2480 mark remains untouched, and the price resumes its move towards the highs. However, it is premature to make any conclusions before the release of today's data on the US manufacturing sector, which can affect volatility.

Oil

Oil prices remain above the support range. Here, too, it will be necessary to assess the market's reaction to the upcoming indicators in the United States.

Meanwhile, in a note published on Thursday by the Bank of America strategists, it was stated that the structural growth of inflation indicates the beginning of a "bull market" in the commodities segment. Oil and gold have long been considered reliable assets to protect against inflation, and demand for them may increase. However, this is in reference to the long-term perspective.