Gold and Oil - Review for 01.11.2024

Financial and commodity markets analytics


Gold

The gold quotations have decreased due to sell-offs across a wide range of markets, however, they found support in the range of $2715-2745. The rise, which started from this zone, could potentially lead to a renewal of the price maximum. In the event of a second wave of sell-offs and overcoming the support zone, the next range to prevent the fall could be the $2640-2680 zone.

Oil

Oil prices continue the rise started on Friday, rising by more than $1 per barrel and compensating for weekly losses. The nearest target may be a renewal of the local maximum around the $72.30 mark. Additionally, it is necessary to keep in mind major news from the U.S., including labor market indicators, scheduled for Friday.