The price of gold rose slightly against the weakening dollar, the negative data on production and construction in the United States, as well as due to the fall on the American stock markets. An additional incentive to buy gold is the continued protests in Hong Kong. Growing tension stimulates the purchases of defensive assets. The demand for gold from investors remains weak. At the same time, China's markets are closed due to holidays and tomorrow after the opening of trading in China, we can see the price growth due to postponed demand. We recommend to accumulate positions in gold in the range of 1180-1220 and expect growth of quotations in the medium term.
The price of Light Sweet crude oil has reached the target level of 90.00 dollars per barrel due to the weakening of the dollar and declining manufacturing PMI in the United States to 56.6 in September, which is 2,0 worse than analysts' forecasts. Another reason for the decline in oil prices was the news about the growth of oil production in OPEC to its highest level in almost 2 years. Fall has slowed due to the release of data on reduction reserves of oil in the United States by 1.35 million barrels, gasoline by 1.83 million barrels and the distillers by 2.89 million barrels. The potential for further reduction is quite limited, but from the point of view of fundamental analysis, oil prices will continue to fall in the medium term.