#BRENT:
We are expecting a bullish rally in the oil market this week. President United States Donald Trump said on 12 September he would not rule out an interim deal with China on trade, though he prefers a comprehensive agreement. Chinese government is leaning on agricultural buyers to resume purchases of U.S. soybeans and pork. The truce in the USA-China trade war will have a positive impact on the dynamics of the commodity market. Investors will increase long positions in oil. OPEC is expected decline in oil production in North America, what is positive impact on the cost of “black gold”.
Trading recommendation: Buy 64.10 and take profit 65.58.
XAUUSD:
A bullish rally in the stock markets will have a negative impact on the value of the precious metal. Gold is a low-yield asset, and stock markets are high-yield assets. G-20 Central banks reduce interest rates which will have a positive impact on the stock markets. Central banks stimulate economic growth to avoid the negative consequences of a trade war. This is a negative signal for gold and the Japanese yen! Gold and Japanese yen are instruments of "safe haven". We are expecting the bearish rally in the gold market to continue until September 19.
Trading recommendation: Sell 1509 and take profit 1486.
XAGUSD:
We are expecting a decline in silver prices in the new five-day period. The first reason is the correlation of silver and gold. Investment funds are selling gold, as they expect progress in trade talks between Washington and Beijing. Gold has tested the lowest level in the last three weeks. The second reason is the increase in the yield of U.S. government bonds. The 10-Year bond yield is 1.88%. This factor is positive for the U.S. dollar and negative for precious metals. The dollar and silver have an inverse correlation.
Trading recommendation: Sell 17.90 and take profit 17.44
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