The price of gold corrected upwards amid the weakening of the dollar, caused by the fixation of positions after the publication of minutes of the previous meeting of the Federal Reserve in which was noted that not all members support raising interest rates at the meeting on 15-16 December and the question remains open. Support for gold remains high jewelry consumption in China and India due to the holiday season in the countries that consume more than half of the world's gold. In the coming weeks, the dynamics of prices will depend on the mood of investors about the forecasts of rising interest rates of the Fed, which has a negative effect on the price of gold. We are waiting for a signal to open new positions.
The price of Light Sweet crude oil continued to consolidate around the level of 42 dollars per barrel of oil despite the weakening US dollar. Quotes continue to be under the pressure of oversupply in the oil market and rising oil inventories in the United States for eight consecutive weeks. In addition, Iran has stated that they expect the lifting of sanctions on oil exports in December and January and then for three months will be able to increase oil exports to 2 million barrels per day, compared to the current 1.0-1.1 million barrels per day. We maintain a medium-term negative outlook and growth of price in the near future is possible only within the correction.