Gold & Oil - Review 08/02/2024

Financial and commodity markets analytics

Gold
After retesting the price maximum, the probability of which we wrote earlier, and a pullback, the gold price has again updated a fresh maximum and is holding in this zone. The current levels are the area of expected sales of bidders and such a scenario remains possible. However, the price delay in this zone should be alarming, especially considering the last trading day of the week. Also, it must be remembered that leaving positions open for the weekend period is associated with increased risks.

Oil
Oil prices remained stable on Friday, but resumed their decline, continuing for the fourth week in a row.
At the OPEC+ meeting on Thursday, the group's oil production policy remained unchanged, including a plan to begin reducing production from October.
The goal of the renewed decline is likely to be a retest of the $74.50 level zone.
Consideration of potential purchase positions below this zone will be possible depending on price dynamics and acceptable risks.