The price of gold continued to fall and has overcome the level of $ 1050 per troy ounce on the background of the expected growth of the dollar after today's publication of the ECB decision on monetary policy, which will lead to a weakening of growth in the US dollar and will put pressure on gold. In addition, on Friday will be released a very important report on the US labor market in November. The likely improvement in employment in the United States will increase the probability of the Fed raising interest rates at the meeting on 15-16 December. Growth in demand for gold in China is offset by expectations of rising US dollar. Today, we are forecasting an increase in volatility. In the near future more likely is a continuation of the negative dynamics.
The price Light Sweet crude oil continued to decline yesterday against the publication of statistics on US crude stocks last week, which increased by 1.2 million barrels compared with an expected reduction of 0.6 million barrels per day. At the same time, capacity of utilization at refineries in the US rose to 94.5%. Investors do not rush to open new positions before the meeting of OPEC, which will be held on December 4. We do not expect the reduction in production quotas. The main influence on the decision of the organization will be the position of Saudi Arabia, which does not intend to reduce the market share. As a result of saving the current quotas, falling of crude oil may continue to levels 38 and 35 dollars per barrel. Our medium-term outlook remains negative and we expect a strong increase in volatility in the coming days.