Gold and Oil - Review from November 8, 2024

Financial and commodity markets analytics


Gold

Technically, the $2640-2680 range we previously described continued to provide support. The decline in the US Federal Reserve rate, in turn, put pressure on the dollar and the price of the metal increased. However, this growth seems more like a correction and there's a high probability of retesting the previously reached local minimum price.

Oil

Prices received support on Thursday due to expectations of actions by the Trump administration, such as tightening sanctions against Iran and Venezuela, which could limit their supplies to global markets. However, the market appears uncertain at current levels. Also, the end of the week complicates trading decisions.