The price of gold continues to consolidate near the level of $ 1260 per troy ounce. The slight decrease was due to the strengthening of the dollar in relation to the positive data on manufacturing PMI which rose to 59.0 against 56.5 expected. It is worth noting that the demand in China rose less than last year, despite the holiday season. The growth of volatility is expected this week on Friday after publication of data on the US labor market. The growth on stock markets also leads to a reduction in demand for defensive assets. We maintain a positive outlook, but recommend to wait for a signal for opening positions.
The price of American Light Sweet crude oil has fallen sharply against the background of statements by Saudi Arabia regarding the decline in oil prices that comes to the US. At the same time, prices for shipments to Asia were increased, but still remain quite low. It is worth noting that at the moment the market is experiencing an excess of supply over demand of oil, leading to a fall in prices. On November 27 OPEC countries will decide on oil production quotas, but many experts do not expect a reduction in the supply of oil. We maintain a medium-term negative outlook for oil and expect increased volatility on Wednesday following the publication of data on oil inventories in the US and on Friday after the release of data on US employment.