Gold and Oil - Review from 07.11.2024

Financial and commodity markets analytics


Gold

Gold prices have reached their lowest level in more than three weeks, amid a strengthening US dollar following Donald Trump's victory in the presidential election. The $2640-2680 range, which we wrote about a few days ago, acted as a support zone. Now, the market's attention has shifted to the Federal Reserve's decision on interest rates.

Oil

Oil prices barely reached the previously noted target of 72.30. However, it should be taken into account that the rise in quotes is taking place against the backdrop of a general strengthening of the US dollar, which can indicate the strength of this market. Thus, if a factor emerges that provokes a weakening of the American currency, the oil market may find a basis for growth.