Gold and Oil - Review from 3rd October 2024

Financial and commodity markets analytics


Gold

Gold quotes remain within the range we noted yesterday: $2630-2680. However, given the anticipated data publications in the US today, including labor market information, we can expect an increase in volatility, with price testing the boundaries of the range.

Oil

Oil prices rose on Thursday but are still below $72. Increased geopolitical risks have already been factored into the price, and at the moment, traders and investors are focused on the news from the last two workdays of this week. The support zone, which we have previously identified, remains relevant. Price growth will be possible only with a confident consolidation of the price above the $72 mark.