The price of gold continued to decline after the publication of strong statistics about non-productive PMI in the United States, which rose to 59.1 vs. expected 56.6. In addition, Janet Yellen said about a possible interest rate hike in December, in the case of strong US data. Investors are waiting for tomorrow's report on the US labor market, which may increase the likelihood of raising interest rates in the United States in December. After a strong decline is likely the correction in gold prices. In addition, demand for the metal in the coming months will be supported by the festive season in India and China. We forecast increased volatility tomorrow and expect to see a price correction in the near future.
The price of Light Sweet crude oil fell sharply yesterday amid rising US oil inventories by 2.8 million barrels, that is 0.3 million barrels more than analysts' forecasts. In addition, the strengthening of the dollar contributed to the negative dynamics of the market. Despite this, support for the oil may become strike on drilling platforms in Brazil, which may lead to a decrease in shipments by 0.5 million barrels per day. Investors are now waiting for tomorrow's release of statistics on the US labor market and possible growth in the near future, according to our forecasts with a high probability will change to the fall. We maintain a medium-term negative outlook.