FXStreet notes that there is yet another wedge forming in the yellow metal. The market may be bullish on gold, but positioning certainly doesn't reflect it, as analysts at TD Securities note.

“Dry-powder analysis suggests a modest bullish tilt in trader positioning, but no outsized length given the number of traders long.” 

“The unprecedented scale of QE, the clean positioning lens, and the shrunk left tail (with little risk of further CTA deleveraging) all suggest that the outlook for gold prices remains particularly strong.”

“The wedge between gold's outlook and positioning is creating a powerful set-up for a sharp rise in prices.”

Oil: Prices could be higher next year – Morgan Stanley

FXStreet reports that Andrew Sheets, a Chief Cross Asset Strategist at Morgan Stanley, says that the steep decline in oil prices could reverse next year.

“Oil prices could remain very low in the second quarter, but it also means that prices could be higher next year and the years after, as the global economic recovery and the supply cuts of this year once again balance demand.”

“While the price of a barrel of oil in the US is about $20 today, our analysts think it could average about $40/barrel next year, or about twice the current price.”