Gold trades within a medium-term channel 1335-1358. In the Asian session today the market keeps on consolidating at the level of the balance price of - 1344. We expect that for some time gold will stay within this range. From a technical point of view, we note that the probability of testing the lower boundary of the channel (support of $ 1335 per troy ounce) increases. However, fundamental picture (the chances of raising the Fed's rate) can dramatically change the balance of power in this market.
Yesterday quotes come close to the level of 49 dollars per barrel. After 4 days of growth there is likelihood of corrective pull back. US dollar gains will put pressure on the oil market as well. Today we expect data from the US Department of Energy. Dropping to the area $48.60-$48 is very likely. The publication of the last Fed meeting protocols can also greatly affect the market.
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