The price of gold has corrected sharply on Friday after the publication of data on the US labor market. Despite the decline in the unemployment rate in the US, to 5.8%, and the growth in the number of jobs to 214 thousand, compared with an expected 235 thousand, investors decided to fix positions, which led to the correction of the dollar, which triggered the growth of quotations of gold. Currently quotations are consolidated near the level of 1170 dollars per troy ounce, but may resume a downward movement. Negative for the market is the weak demand in China, which traditionally increases in the fourth quarter due to holidays in the region. Demand for gold may increase in case of correction on the stock markets. We maintain a medium-term positive outlook and recommend to accumulate positions in case of a decline to the levels around $ 1100.
The price of Light Sweet crude oil rose slightly against the background of positive data on the US labor market, where the unemployment rate fell by 0.1% to 5.8%, the lowest level since 2008. Employment growth leads to higher forecasts for oil demand. Traders continue to monitor the situation in Libya, where the government is trying to resume work on one of the fields in the south of the country. Quotes also were supported by the news on growth in China's trade surplus to 45.4 billion. The main event of this month will be a meeting of OPEC at which may be decided to reduce quotas to maintain oil prices, but according to our estimates, the quotas will remain the same. In this regard, we maintain a medium-term negative outlook for oil and recommend holding short positions.