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Gold prices have risen by 0.04% and oil prices fell

Gold prices have risen during the Asian trading session on Tuesday. According to the COMEX classification of the New York Mercantile Exchange, gold futures for August traded at $1,931.85 per ounce, up 0.04% at the time of writing this news.

The price of gold previously reached a high of $1,934.25 per ounce in the session. Gold may find support levels at $1,908.50 and resistance levels at $1,941.10.

As for the Dollar Index futures, which measures the performance of the U.S. currency against a basket of six other major currencies, it declined by 0.18% to trade at $101.46.

At the same time, silver prices for September futures rose by 0.20% to trade at $23.39 per ounce, while copper prices for September futures increased by 0.42% to trade at $3.80 per pound.

Oil prices declined

Oil prices declined due to weak trading volumes during the summer season, adding to the pressure from technical resistance levels.

West Texas Intermediate (WTI) crude oil prices remained below the $73 per barrel level, ending the previous week’s rally driven by increased supply.

Crude oil prices briefly rose above the 100-day moving average in Friday’s session, but this level has become a resistance point hindering further gains.

Brokers noted a weakness in trading volumes, as is usual during the summer season, leading to price volatility.

Additionally, Chinese economic indicators showed a slowdown in the Chinese economy, and mining company Rio Tinto Group expects near-term economic challenges in the country. Treasury Secretary Janet Yellen stated that the risk of a recession in the United States is not completely ruled out, adding caution to the market.

Oil prices have remained range-bound since April, due to the weak recovery of the Chinese economy and the tight monetary policy pursued by central banks to address short-term supply shortages.

Oil prices were affected by the strong U.S. jobs report, which prompted the Federal Reserve to continue its approach of raising interest rates. This puts additional pressure on oil prices.

The International Energy Agency and the Organization of the Petroleum Exporting Countries (OPEC) are expected to release their monthly reports later this week, providing important market insights.

Expectations remain uncertain at the moment, as the market shows some signs of strength and speculators reduce their bearish bets on oil prices.

Last week, Brent crude prices rose by 4.8% following the commitment of Saudi Arabia and Russia to reduce oil supplies.

On Friday, the United States announced the purchase of an additional 6 million barrels of crude oil for its Strategic Petroleum Reserve, aiming to restore the reserve level to its normal levels, These purchases, scheduled for October and November, come as the strategic reserve reached its lowest level in 40 years.