Gold and Oil - Overview from 18.11.2024

Financial and commodity markets analytics


Gold

Gold prices rose more than 1% on Monday after a sharp drop last week, against the backdrop of a halt in the appreciation of the US dollar. The decline in quotes was halted as it approached the previously described range: $2470-2530. However, it's too early to call the current situation a full-fledged reversal, and a retest of the local minimum remains possible.

Oil

Meanwhile, oil quotes remain in the support zone. Here, as well as in the case with other instruments, it is important to note that this zone has not been breached against the backdrop of the overall strengthening of the US dollar. Thus, dollar sales could provoke a resumption of the rise in oil prices.