The price of gold shows the growth on the weakening of the US dollar after the statements of the Fed regarding interest rates the Fed will not go up in the next meeting due to low inflation and wages. At the same time, support for gold was the return of Chinese traders in the market after a long New Year celebration. The demand for defensive assets fell due to lower fears of a Greek exit from the euro area in the next 4 months. The course of trading today will be affected by the labor market statistics and durable goods orders in the US (13:30 GMT). We maintain a positive medium-term outlook for gold.
The price of Light Sweet crude oil continues to consolidate around the level of 50 dollars per barrel. Statistics on the growth of the manufacturing PMI in China to 50.01, which is 0.5 better than analysts' expectations supported the higher oil prices. At the same time the statement of the Federal Reserve chairman has led to the fall of the US dollar and expectations of a later increase in interest rates than previously expected. It is worth noting that US crude inventories rose by 8.4 million barrels, compared to the expected 3.6 million barrels. It is worth noting that the oversupply of oil on the market continues to put pressure on the quotes, but analysts estimate that the situation will change in the second half of the year and will reduce the excess of supply. We maintain our medium-term negative outlook and recommend holding short positions.