Gold and Oil - Overview from October 9, 2024

Financial and commodity markets analytics


Gold

Gold quotes have moved beyond the narrow range, however, they found support near the mark of $2600. Markets are awaiting the release of FOMC minutes and inflation data from the United States, therefore, until this information becomes available, development of directional price movement is unlikely.

Oil

Meanwhile, after a corrective decrease, the oil price has stabilized and is in the middle of the range. Considering the strength of the support zone from which the current upward movement developed, a resumption of price growth, technically, is more likely. However, it is necessary to take into account the geopolitical situation and the news from the USA expected by the market.