#WTI:
Crude futures hit three-month highs. Traders are increasing long positions in the oil market after positive trade talks between the United States and China. The deal announced hinges on China increasing purchases of American farm goods such as soybeans and pork, and making new commitments on intellectual property and currency. Speaking to reporters in Washington, President Donald Trump said he expects China’s agriculture buying to hit $50 billion annually “pretty soon,” without specifying a timetable. The decline in hydrocarbon production by the OPEC oil cartel will provide additional support to the market.
Trading recommendation: Buy 59.54 and take profit 61.11
XAUUSD:
Low geopolitical risks will force investors to increase short positions in the precious metals market. The U.S. and China have reached an agreement on text of a phase one trade deal and will now move toward signing a deal as quickly as possible, Chinese officials said Friday. The U.S. will scrap tariffs on Chinese goods in phases, Vice Commerce Minister Wang Shouwen said. U.K. Prime Minister Boris Johnson secured a decisive victory late Thursday that gives him a new five-year term after the Conservative Party won a general election.
Trading recommendation: Sell 1479 and take profit 1455.
#SP500:
We are expecting the bullish rally in stock markets to continue for two reasons. The first reason is the Federal Reserve's decision to keep interest rates at current levels. The Federal Open Market Committee left its benchmark rate unchanged in the range of 1.5% to 1.75%. Members of the rate-setting committee cut their 2020 median forecast for interest rates to 1.6% from a previous estimate of 1.9%, indicating rates will remain on hold next year. The second reason is the positive trade talks between Washington and Beijing. Donald Trump agreed to reduce some existing U.S. tariffs, halving 15% duties on $120 billion of imports but maintaining a 25% levy on some $250 billion of Chinese goods.
Trading recommendation: Buy 3170 and take profit 3198
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