Investors do not increase their positions in gold before the Fed’s statement on monetary policy and long-term consolidation of the price near the level of 1230 dollars per troy ounce that indicates a strong future price movement. Positive data on the growth of US consumer confidence index to 94.5 in October, which is the maximum value over 7 months, did not affect the mood of traders. Volatility will remain high, and tomorrow after data on US GDP growth in the 3rd quarter. Gold demand in Asia has grown, but investment funds cut holdings of gold. We keep a positive medium-term outlook for gold.
Light Sweet crude oil after an unsuccessful attempt of fixing the price below 80.00 began to grow gradually. Price volatility remains low due to the anticipation of several important events today and tomorrow. Thus, a rise in volatility today will be caused by the publication of data on oil reserves in the US, which is steadily growing in recent years in connection with the completion of the driving season and technical service of refineries in the US. Tomorrow will be published data on US GDP growth, which affects the demand for oil. We keep a medium-term negative outlook despite a low potential for further reduction and see no reason for changing the negative trend.