FXEM - EMPIRE MARKETS - Company New Article

Gold price continued to rise to succeed in achieving our new expected target at 2935.00, and reached the 2942.65 areas before rebounding downwards, gold is currently trading at high levels, as it stabilizes near 2910.00 amid increased demand for safe havens due to economic and geopolitical tensions.

• The US dollar declined due to expectations of a rate cut by the US Federal Reserve, which supports the rise in gold.
• Geopolitical concerns that boost demand for gold as a safe haven.
• Slowing global economic growth prompts investors to hedge against volatility.
• Increased purchases by central banks, which strengthens the yellow metal.

The general trend for gold is still bullish, but there is a need to monitor US inflation data and the US Federal Reserve’s decisions, which may affect price movement in the coming days.

Oil price traded positively yesterday evening to break the 72.30 level and close the daily candle above it, heading towards building an expected upward wave in the short term, on its way to achieving gains reaching the 73.90 areas mainly. Oil is currently trading at 72.710 amid noticeable fluctuations in the market, affected by supply and demand factors, in addition to developments in the global economy.

• Global demand: Expectations of a slowdown in the economy may affect oil consumption, but continued industrial activity in China supports prices.
• Geopolitical tensions: Any unrest in the Middle East or major production areas leads to higher prices due to fears of supply disruptions.
• OPEC+ decisions: Any statements or decisions related to reducing or increasing production directly affect prices.
• US oil inventories: Recent data on inventories may affect the market direction, as a decrease in inventory pushes prices up and vice versa.

The general direction of oil depends on economic and geopolitical factors, so it is advisable to follow inventory data and OPEC+ statements to know the next direction.