The price of gold continues to consolidate near the psychologically important level of $ 1,200 per troy ounce. It should be noted that the stabilization of the price of gold is caused by uncertainty about the timing of interest rate increases of the Fed. At the same time, US stock markets have reached record highs, and correction on the markets will lead to increased demand for defensive assets. Demand from Chinese consumers remains weak, but the festive season in India can improve the position of gold. We maintain a positive medium-term outlook for gold, but recommend to wait for a signal to open new positions.
The price of Light Sweet crude oil could not continue to grow, and after a long consolidation near the level of 58 dollars per barrel. The reason for the decrease was the fixation of positions before publication of a report on oil and petroleum products in the US (14:30 GMT). Despite the decline in the number of drilling rigs in the US to its lowest level since 2010, the excess supply of oil remains a major negative factor for oil. Iran stated that the OPEC countries need to prepare for the growth of the country's oil exports after the lifting of sanctions. The increase in supply from Iran may be about 1 million barrels of oil per day. We maintain our medium-term negative outlook on oil, with the target at $ 40 per barrel.