Gold and Oil - Review as of 15.08.2024

Financial and commodity markets analytics

Gold

Yesterday, against the backdrop of data publication from the USA, gold quotes attempted a decrease, returning to a range below the $2450 level. Today, corrective movement is observed with the testing of the resistance zone $2460-2475. Data on retail sales and initial unemployment benefit claims in the United States, which will be published later, can be a catalyst for the further development of the situation.

Oil

Oil prices remained mostly stable on Thursday. After testing resistance around the $78.50 mark, quotations resumed their descent towards the $73 level. However, the support zone located below this mark is incomparably stronger compared to local levels. Therefore, seeking possible scenarios for purchases can be considered as a priority strategy. However, it's important to remember the risks.