Gold and Oil - Review from November 11, 2024

Financial and commodity markets analytics


Gold

As we previously speculated, gold is retesting the local minimum reached after the U.S. election. Prices are decreasing in response to investors' expectations of economic data from the U.S. and comments from representatives of the Federal Reserve this week to gain a clearer understanding of the Fed's future actions.

Oil

On Monday, oil prices continue to decline, due to the reduced threat of supply disruptions from a hurricane in the U.S. Shell and Chevron announced on Sunday that they would begin returning personnel to their platforms in the Gulf of Mexico to resume operations. Technically, the levels and zones previously identified remain relevant.