Gold and Oil - Review from 20.09.2024

Financial and commodity markets analytics


Gold

After the corrective decrease in prices to the middle of the local range, which we had predicted earlier, quotes have resumed growth. At the moment, a historical high around the level of $2600 has been updated. Both fundamentally and technically, there are no reasons to sell. Purchasing transactions should be considered with allowable risks in mind.

Oil

On Friday, oil prices declined, but over the second consecutive week, they have shown a tendency to increase following a significant decrease in U.S. interest rates and a reduction of global stocks. The nearest support zone is located around the $69 level. If quotes rise above the $71.50 mark, resistance can be encountered around the $72.80 mark.