XAUUSD:
We are expecting the bearish trend in the precious metals market to continue. Investors increase long positions on corporate securities. The U.S. stock market is showing a strong bullish trend! Investors are expecting the Federal Reserve to cut interest rates on October 30. This is a negative signal for the precious metals market! Investors buy “high-yield” assets and sell “low-yield” assets. Popular low-yield assets are gold, silver and the Japanese yen. We are expecting a decline in gold prices below the psychological level of $ 1500.
Trading recommendation: Sell 1503 and take profit 1481.
#BRENT:
Investment funds increase long positions in the oil market. Geopolitical tensions in the Middle East have a positive impact on the cost of hydrocarbons. The deadly anti-government unrest has gripped Iraq, the second-largest producer among the Organization of the Petroleum Exporting Countries. Iraq’s oil exports of 3.43 million barrels per day (bpd) from Basra terminals could be disrupted if instability lasts for weeks. Additional support for the oil market is provided by positive expectations of the US-China trade talks, which will be held in Washington on October 10-11.
Trading recommendation: Buy 58.10 and take profit 59.90.
#SP500:
We are expecting the bullish rally in the U.S. stock market to continue this week! U.S. and Chinese officials meet in Washington on Oct. 10-11 in a fresh effort to work out a deal. D. Trump may announce the conclusion of an interim trade deal with Beijing. Trump is preparing for the next presidential election, which will be held in the United States in November 2020. Trade agreement with China will positively affect the political rating of Donald trump! The 10-Year U.S. government bonds yield is 1.54% - the lowest level in the last two years. This is a good signal for the stock market and USD JPY, which has a correlation with the shares.
Trading recommendation: Buy 2940 and take profit 2975.
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