During yesterday's trading, gold moved to insignificant correction, the market pulled back to levels of 1325, which could be due to profit-taking and short covering before Friday's session. We expect pullback to proceed to 1310-1315 levels where the medium-term demand is located. However, the second half of the day promises to be volatile. Recommendation- out of the market - to clarify the market position regarding Yellen speech.
The oil market has stabilized in the support level of 49 dollars per barrel. At the same time moving above also failed. The news background still provides speculative driver for growth (the upcoming Energy Forum in Algeria, Iran's readiness to cooperate with OPEC). Fundamental factors are opposite to market gains (crude inventories rise in the United States). FED position on interest rate hike will help to get out of consolidation- much will depend on US dollar market. We look forward to continuing consolidation in these ranges. $49-$51 – market range for upcoming week. Recommendations - out of the market.
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