Gold and Oil - Review from 02.10.2024

Financial and commodity markets analytics


Gold

Gold quotes have formed a range of $2630-2680. The edges of the range are interesting from the point of view of making trading decisions. Also, it is necessary to take into account the ADP data on the US labor market, which will be known later today.

Oil

Oil prices rose by more than a dollar on Wednesday amid growing fears that tensions in the Middle East could escalate into a conflict capable of disrupting deliveries. In trading on Tuesday, both benchmark grades of oil showed an increase of more than 5%. As of now, the WTI market has encountered resistance in the $71.80 area. In addition to employment data, short-term effects on prices could be influenced by the publication of data on reserves in the United States.