Commodities Daily - November 13, 2019

> Oil prices inch lower on lack of US-China trade deal details; US CPI and EIA monthly report eyed. Despite the currently deteriorating risk sentiment, we think it is unlikely that Brent will fall much below $61/bbl during the first half of the day today (we see strong technical support at $60.9/bbl). We expect today's data releases to be supportive and to buoy Brent back to its recent $61.5-62.5/bbl range later in the day.> Gold prices recover following Trump speech. Yesterday, the gold market mostly ignored economic data releases from Europe and comments from Fed speakers. Volatility started to pick up after the US open, and gold descended to $1,446/oz. However, prices began to recover later on, after Trump's speech in New York left investors with doubts about the prospects for the phase one trade agreement. Today's rather heavy economic calendar includes eurozone industrial production data for September (13:00 Moscow time), US CPI data for October (16:30) and a speech from Fed Chairman Jerome Powell (19:00). We would expect gold to consolidate near $1,460/oz in the absence of major political headlines.