04.07.2016 - Gold continues confident growth
The price of gold continued to rise and in the near future can update highs of this year. This fact is associated with an increase in the volume of purchases of defensive assets against the backdrop of uncertainty about the future growth prospects of the stock markets, expectation of the Fed to maintain interest rates at previous levels after the next meeting, as well as the negative impact of the results of the referendum on the UK's membership of the EU. Today activity on the market will be low due to the holiday in the US, where celebrate Independence Day. The central event of the week will be the publication of the US labor market report. Our medium-term outlook for gold is positive.
The price of Light Sweet crude oil rose against five new attacks on oil infrastructure in Nigeria over the weekend. Interruptions in the supply of oil from the country's support price, but probably will be temporary. It is worth paying attention to the statement by the head of OPEC about the soon reaching the balance of supply and demand on the oil market. On the other hand, the number of active oil rigs in the United States grew for 4 of the last 5 weeks, indicating a slowing decline in US production volumes. We forecast a drop in oil prices in the near future.