Gold and Oil - Review from October 30, 2024

Financial and commodity markets analytics


Gold

Gold prices have broken out of the range and reached a record level, amidst the tension associated with the upcoming presidential elections in the United States. The $2715-2750 range now acts as a support in case of a decrease in quotes. However, technically, there are presently no grounds for selling.

Oil

Oil quotes still remain within the support zone. Labor market and Q3 GDP data release in the USA is expected today. If the release of the news is able to influence the dynamics of the US dollar, there may be an increase in volatility of oil and gold quotes, with the development of directional movements.