The price of gold continued to consolidate near the important level of 1120 dollars per ounce after the publication of statistics on the US labor market. Thus, the data was contradictory and saved uncertainty about raising interest rates after the Fed meeting on September 16-17. Thus, the number of new jobs outside the agricultural sector increased by 173 thousand, compared to the projected increase of 215 million, but the unemployment rate fell to 5.1% previously recorded in the spring of 2008. The return of Chinese buyers to the market after a long weekend did not affect the course of trading. We expect further price consolidation around current levels in the near future and look forward to the results of the Fed meeting.
The price of Light Sweet crude oil continues to fall against the background of sustained pressure from the excess of oil supply on the market. Volatility also remains extremely high. Investors are waiting for the Fed's decision on interest rates. In case of their increase, the dollar will continue to rise, which will be negatively displayed on the oil quotations. It should be noted that investors are also concerned about the slowdown in China's economy, which is the world's second largest oil consumer after the United States. After increasing the supply of oil from Iran in connection with the lifting of sanctions against the country, we will see another increase in volatility. At the same time, US companies that produce shale oil will likely cut production in case of continued low oil prices. We maintain a negative medium-term outlook for oil and recommend holding short positions.