Gold and Oil - Review from 09.09.2024

Financial and commodity markets analytics


Gold

Against the background of published statistics in the US, gold tested a historical maximum and resumed its decline. The pressure on quotes may be caused by weakening expectations of the US Federal Reserve rate cuts by 50 basis points. The price remains within the range of sideways movement: $2470-2530. The edges of the range are the preferred areas in terms of making trading decisions.

Oil

Oil quotes remain in the zone of potential global support, nonetheless, consistently updating local minimums. A reversal of the trend towards growth will be possible in the case of the emergence of strong fundamental triggers, or after a prolonged delay in prices at current levels.