The price of gold continues to consolidate amid expectations of today's publication of statistics on the labor market in the US (12:30 GMT). It is worth noting that yesterday was published the data on the number of jobs in the US private sector, which grew by 173 thousand against 166 thousand in April. In addition, today is worth paying attention to the data on the volume of factory orders in the US (14:00 GMT). Support for gold in the near future may have an increased demand for protective assets in case of a fall on the stock markets. Given the growing probability of the Fed raising interest rates in the coming months, we maintain a medium-term negative outlook, but do not exclude growth in the near future.
The price of Light Sweet crude oil showed moderate growth after was published the data on the US oil inventories, which fell by 1.4 million barrels against the forecast of reduction by 2.7 million barrels. It should be noted that at a meeting of OPEC countries was not adopted important decisions that could lead to a reduction in the oversupply of oil on the market. According to our estimates, production growth will continue in Saudi Arabia, Kuwait, UAE, Iran, Iraq and Russia in the near future that will be able to offset the decline in US oil production and increase oil consumption. According to our estimates, the recovery of oil supplies from Nigeria and Canada, will put pressure on the price, and we expect the fall of quotations of oil in the near future, with the potential of reduction by 15-20%.