Gold and Oil - Overview as of 04.12.2024

Financial and commodity markets analytics


Gold

Gold prices remain stable on Wednesday, amid markets' expectations of the publication of US employment data and comments from the head of the Federal Reserve for more information on the trajectory of interest rate cuts in the country. In order to make decisions on trades, traders should keep an eye on the actions of traders as the price moves out of the range and approaches local lows/maximums (2540; 2720).

Oil

Oil prices strengthened on Wednesday, amid the impact of geopolitical tensions and the likelihood of OPEC+ extending production cuts amid weak demand. Oil markets are predominantly focused on oversupply in 2025 due to weak demand signals from the US and China. Quotes still find support in the area below $67.80.