The price of gold continues to consolidate amid the absence of the strong factors that can affect the dynamics of trading. Negative impact on the gold had a debate of the US presidential candidates. According to market estimates, the probability of winning Donald Trump declined, leading to a reduction in demand for protective assets. On the other hand, Hillary Clinton's victory will be a positive for the stock markets and thus will reduce the attractiveness of gold. Today, the dynamics of trading will affect the speech of the deputy head of the Federal Reserve - Stanley Fischer (15:15 GMT), but investors will wait for the statement of Janet Yellen on Wednesday and Thursday. Among the important events of this week we should pay attention to the final report on the growth of US GDP in the second quarter, which will be published on Thursday. Our medium-term outlook for gold remains positive, despite the possibility of a decline of 1-2% in the near future.
The price of Light Sweet crude oil rose after a recent decline caused by speculation regarding tomorrow's informal meeting of representatives of several oil producing countries including Russia and OPEC countries. Investors also await the publication of the US report on oil inventories tomorrow that can rise after the recent decline, caused by the supply disruptions. We expect the lack of consensus in the negotiations in Algeria and expect the resumption of the negative dynamics of prices in the near future. Our medium-term outlook remains negative with targets at 35-36 dollars per barrel objectives.