Gold & Oil - Review 07/29/2024

Financial and commodity markets analytics

Gold
Resistance to local growth was met around the levels of $2,390-2,400, which we wrote about on Friday. If there are no triggers in the information field, the price is more likely to resume its decline with an attempt to update the local minimum and overcome the support zone around the $2,360 level.

Oil
Despite the geopolitical tensions, oil prices remained stable at the beginning of the week and were within Friday's range at the time of writing.
From a technical point of view, today it is likely that the WTI quotes will retest the support zone in the $75.70 level zone. The next local support can be found around the $74.50 level, but the area around the $73.00 mark is more significant.

It should be remembered that the information background of the week that has begun is full of events and published data, and therefore, market behavior can change significantly and quite quickly.