The price of gold yesterday corrected down against the strengthening of the US dollar after the publication of data on retail sales in the US, which in November rose by 0.7% vs. 0.4%, and the previous value of 0.5%. In addition, the number of initial claims for unemployment benefits in the US from September remains below 300 thousand, which is the longest series since 2000. Demand from Asian consumers and investment funds are gradually increasing due to the holiday season in Asia and investors' concerns about future growth on the stock markets. We maintain a positive medium-term outlook for gold.
The price of Light Sweet crude oil continues to decline due to lower OPEC forecasts for the consumption of oil, which is extracted in the countries of cartel. Thus, according to analysts, demand for OPEC oil will decline to 28.9 million barrels per day, compared to the current quota of 30.0 million barrels. OPEC countries continue to reduce selling prices to consumers in Asia, America and Europe. Today negative for the market was the news on the slowdown in industrial growth in China to 7.2% against the expected 7.6%. Despite the fact that the quotes have reached the psychologically important level of $ 60 per barrel, we expect the continuation of the current downtrend in the medium term and recommend holding short positions.