Gold & Oil - Review 08/07/2024

Financial and commodity markets analytics

Gold
Gold prices have so far failed to retest the zone around the $2,350 mark. Thus, we see the formation of a narrower range of $2,350-2,480, which may require an additional catalyst to exit, which may be unexpected news or an increase in volatility in other assets.

Oil
As expected, oil quotes, which found a strong support zone below the $73 mark, showed an impulse growth. In terms of context, this is happening against the background of a possible escalation of the conflict in the Middle East. The nearest significant resistance may occur around the $76.50 level. However, it is not comparable in importance to the zone from which the price growth began.