04.09.2015 - Gold fell amid strong dollar
The price of gold fell yesterday against the strengthening of the US dollar after the press conference of the ECB President Mario Draghi, who expressed readiness to launch additional measures to stimulate the economy in the Eurozone. At the same time, the demand for defensive assets weakened due to the holidays in China. This fact has also reduced demand for physical gold, which is likely to rise on Monday because of the pent-up demand. Today, is possible high level of volatility following the publication of a report on the labor market in the US (12:30 GMT). Improving the rate will increase the probability of the Fed raising interest rates and will be negatively displayed on gold. We expect the Fed's statement on monetary policy, which will be published on September 17 to determine the direction of price movement in the near future.
The price of Light Sweet crude oil showed growth on Mario Draghi comments about the readiness of expanding the program to stimulate the economy and noted the decline in the euro area forecasr for inflation and GDP growth in the countries of the monetary union. Rising oil was short-lived due to the persistence of negative fundamental factors such as oversupply of oil on the market and the slowdown in the Chinese economy. Today we expect a high level of volatility in connection with the publication of a report on employment in the United States. Our medium-term outlook remains negative.