The price of gold has not reacted on data on the increase in the number of initial unemployment claims in the US to 290 thousand against an expected figure of 282 thousand. Today quotations are declining against the dollar strengthening. Negative for the market was the statement by the World Gold Council, which has lowered forecasts for the consumption of gold. Demand from Asian consumers remains weak, and interest among investors will grow in case of significant correction on global stock markets. Today the course of trading may be affected by the data on the growth of euro area GDP (10:00 GMT). We expect further price reduction in the near future, but the price can resume growth in case of fall of stock indexes or worsening geopolitical situation.
The price of oil has continued to decline due to lower oil consumption forecast produced by OPEC countries by 1 million barrels a day next year to 29.2 million barrels. In addition, a negative for oil quotations became news on slower growth of Chinese industry by 0.3% to 7.7%. The fall of oil has not stopped despite the news on reduction in US oil inventories by 1.7 million barrels, compared with an expected growth of 0.7 million. The central event of this month will be a meeting of OPEC on November 27 at which will decide on reducing export quotas. Today we should pay attention to the data on GDP growth in the Eurozone in the 3rd quarter. We maintain a medium-term negative outlook for oil and recommend holding short positions