#WTI:
The main event of the week is the OPEC + summit, which will be held in the Vienna on December 5-6. We do not expect changes to the OPEC + agreement on limiting hydrocarbon production. The agreement to limit oil production is valid until April 1, 2020. In December 2018, Saudi Arabia agreed a production limit of 10.31 million barrels a day through this year. But it reduced production unilaterally earlier this year, reaching a low of 9.58 million barrels a day in July. The production picture is clouded by the impact of the September attack against two key Saudi production facilities called Abqaiq and Khurais. The kingdom depleted its inventories in the days after the attack to sustain exports and Riyadh has subsequently lifted production to re-fill them.
Trading recommendation: range 55.00 -57.10.
XAUUSD:
We are expecting a bearish rally in the precious metals market this week. High demand for “high-yielding” assets will force investors to increase short positions on “low-yielding” assets (gold, Euro and Japanese yen). Positive macroeconomic statistics from China are forcing investors to sell precious metals. Factory activity in China unexpectedly returned to growth in November for the first time in seven months. That indicates domestic consumption firmed up after Beijing repeatedly urged local governments to kick stimulus up a gear to meet economic goals before year-end.
Trading recommendation: Sell 1461 and take profit 1451.
#SP500:
Stocks enjoyed their best month November since June. The S&P 500 finished 3.4% higher for the month, with the Dow up 3.72% and the Nasdaq up 4.5%. For the year, the S&P 500 is up 25.3%, with the Dow up 20.3% and the Nasdaq up 30.6%.We are expecting the bullish rally to continue this week. Positive macroeconomic statistics from the United States will have a positive impact on the share price. U.S. manufacturing output accelerated in November to its fastest pace in seven months and services activity also picked up more than expected.
Trading recommendation: Buy 3140 and take profit 3160
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