The price of gold has stabilized near the level of 1210 dollars per troy ounce amid uncertainty about the timing of interest rate increase of the Fed, which on the one hand strengthened the dollar, which will lower the price of gold, but on the other hand, can lead to a fall on the stock markets, which will increase the interest in defensive assets. Demand from Chinese consumers also declined. At the moment, the only driver for growth could be the fall on the stock markets or worsening geopolitical situation. We continue to maintain a positive medium-term outlook for gold, but in the near future we can see a decrease in prices.
The price of Light Sweet crude oil has shown steady growth and overcame an important resistance level at $ 54 per barrel. Traders expect today's publication of data on oil and petroleum products in the US (14:30 GMT). Given the growth in oil consumption from May to September, as well as the completion of technical maintenance on the refineries, oil demand may rise and slow the growth of inventories. At the same time, analysts are trying to assess how quickly Iran can increase oil supplies to the market, but it is worth noting that at this time a significant amount of oil already stored in tankers and ready to sail. We recommend to wait for a signal to open positions, but maintain a medium-term negative outlook on oil.