Gold and Oil - Review of November 14, 2024

Financial and commodity markets analytics


Gold

Gold fell for the fifth consecutive day on Thursday, hitting an eight-week low, pressured by a stronger US dollar and rising treasury bond yields. The price surpassed the $2,600 mark. The nearest significant support zone could be in the range of $2,470-$2,530.

Oil

Oil quotes are once again testing the support zone located below the $68 mark. There is a downward trend in the market, however, to overcome the wide support zone located lower, a catalyst in the form of market sell-offs is required. Additionally, data leading to significant volumes of US dollar purchases against other assets may also serve as a trigger.