The situation in the gold market is stable. Gold continues to trade within a medium-term channel $ 1335- $ 1358. Yesterday weakening dollar sent a quotation to the upper part of the specified range. Exit from the consolidation is delayed. Trading- inside channel with short stops.
Contrary to our expectations quotes are not only were able to consolidate above $ 49 but reached the area of $ 50. The market looks like to moves to a local maximum of 2016 years- $ 51 per barrel. Yesterday, the market was supported by data on oil inventories. However, the annual rate of the US rate oil production is still declining. It is a kind of sign that the power of speculative component in this movement is large.
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