The price of gold showed a correctional growth, which has been linked to the weakening of the US dollar after the publication of statistics on the US housing market. Thus, the number of housing starts fell to 1.06 million vs. expected 1.16 million. At the same time, the number of permits for new homes construction rose to 1.15 million, that is 0.04 million better than the previous month. Increased consumption of jewelry in India and China is due to the holiday season supported the demand for gold. It should be noted that the main factor that influenced the course of trading is waiting for the Fed raising interest rates in December. We forecast a drop in the near future, and to determine the medium-term price direction we need additional signals.
The price of Light Sweet crude oil fell yesterday and continues to show increased volatility. Currently quotes are consolidated around the level of 42 dollars per barrel of oil. Despite weak growth in US oil inventories only by 0.3 million barrels compared with an expected 2.0 million barrels, gasoline inventories rose by 1 million barrels against an expected decline of 0.9 million barrels per day. It is worth noting that Saudi Arabia has increased its oil exports by 113 thousand barrels per day to 7.111 million barrels per day. At a meeting of OPEC, which will be held in Vienna on 4 December is not expected the change oil production quotas. We maintain a negative medium-term outlook for oil and recommend holding short positions.