Gold and Oil - Review from 11.09.2024

Financial and commodity markets analytics


Gold

Quotes remain within the range, however, they hover near its upper boundary, coinciding with the historical maximum. The US inflation data, which are scheduled to be published soon, may affect the instrument's volatility. Nevertheless, the Fed's attention is primarily focused on the labor market. Also, traders are waiting for the decision on the key rate, expected to be announced next week. Given these factors, the market may remain within the range.

Oil

Oil quotes continue to decline, provoked, among other things, by lowering the global demand forecasts for the current and next years. At the same time, oil still remains within a broad support range, therefore, the possibility of growth resumption cannot be completely excluded.