Gold & Oil - Review 08/06/2024

Financial and commodity markets analytics

Gold
Gold quotes have almost reached the potential reduction target described yesterday in the area of $2,350, after which we could observe a corrective movement. At the moment, technically, the most likely scenario is a retest of this zone. If it is successfully overcome, the next target will be the price movement to the lower limit of the range, located around the level of $ 2,300 and below.

Oil
The buyers' zone, located below the $73 mark, provided support when the oil price fell. This support range is clearly visible on the charts of the higher timeframes, including daily and weekly. Before overcoming this downward zone and confidently fixing the price, it may be advisable to search for situations to open long positions, of course, taking into account the risks of price reduction and the potential of the expected movement.