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The decline in oil futures contracts against the rise in gold futures contracts

News Date: 7/12/2022 02:24:50

Wall Street closed lower on Tuesday, in light of investors’ concern about the Federal Reserve raising interest rates and amid increasing talk of an expected recession. Stocks pulled their indicators downward, recording clear losses in several sectors, most notably : the oil and natural gas sector, the technology and services sector. Consumerism.

The Standard & Poor’s 500 index fell by 1.43%, or 57.05 points, to close at 3941.79 points, while the Nasdaq Composite fell by 1.99%, or 225.01 points, to reach 11014.93 points. The Dow Jones Industrial Average decreased by 1.02%, equivalent to 347.49 points, to reach 33599.61 points.


Oil contracts declined during the Asian session today, falling by 0.22%, to be traded in January at a price of $74.09 a barrel.

It was previously traded at a session low of $73.95 a barrel. Crude oil could find support at $73.43 and resistance at $82.71.


On the other hand, gold futures rose on Wednesday.

According to the Comex rating of the New York Mercantile Exchange, gold contracts rose by 0.11%, to be traded in February at $1,784.35 an ounce at the time of writing.

It was previously trading at a session high of $1,787.00 an ounce. Gold may find support at $1778.10 and resistance at $1822.90.

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