The price of gold is consolidating before today's publication of important labor market report in the US (12:30 GMT). On the dynamics of trading will also affect news on the manufacturing PMI, construction spending and consumer confidence in the US (14:00 GMT). It is worth noting that the positive data on the manufacturing PMI in China, which according to official statistics rose to 50.2 in March, which is 1.2 better than the previous month. This fact reduces concerns about the situation in China and, accordingly, demand for defensive assets like gold will fall. We forecast a drop in gold prices in the medium term with target at 1100 per troy ounce.
The price of futures on Light Sweet crude oil continues to decline, despite the slight weakening of the US dollar. It is worth noting the pressure from an excess of oil supply and growth in the US inventories and speculation about the possible freezing of oil production at the January level in a number of countries whose representatives will take part in a meeting on April 17 at the Qatari capital, have no strong influence on the mood of investors. We maintain our medium-term negative outlook, and with a high probability forecast the decline in the coming days.