XAUUSD:
There's good news and bad news on precious metal. The good news is the entry into force of the Basel 3 standard. Commercial banks can now use gold 100% as equity. Previously, gold could be used as equity with a 50% discount. Commercial banks will actively buy the yellow metal. The bad news is progress in us-China trade negotiations. This factor will have a positive impact on the equity markets, which will negatively affect the value of gold. Gold and stocks are inversely correlated. Investors are now interested in risk-seeking assets.
Trading recommendation: range 1284.50 -1302.40.
BRENT:
Crude oil prices notched their best quarterly gains in a decade on Friday, largely on aggressive production cuts by Saudi Arabia, Russia and their allies. While the Saudis need oil to be ideally at $80 a barrel and above for their budget. Saudi Arabia wants to extend the OPEC+ agreement for three months, until October 1. The new OPEC+ agreement will allow oil prices to show stronger growth. Donald Trump's urging this week that OPEC raise production to cool oil prices, which he described as "too high," may also be also turning the screws on the group, although the Saudis are unlikely to give in to the president USA.
Trading recommendation: Buy 67.79 and take profit 69.89.
#SP500:
Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin concluded their two-day meeting in Beijing. Mnuchin described the talks as "constructive". White House economic adviser Larry Kudlow told the Fed should "immediately" cut interest rates by 50 basis points. Donald trump wants the Federal Reserve to cut rates - this process will help increase GDP growth. The White House will put pressure on the FOMC in 2019. This is a positive signal for the U.S. stock market. Low interest rates always have a positive impact on business capitalization.
Trading recommendation: Buy 2847 and take profit 2870.
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