04.12.2015 - Today will be a meeting of OPEC
The price of gold corrected upwards yesterday in connection with the fall of the US dollar after the announcement of the ECB on monetary policy. Thus, the program of quantitative easing in the euro area continued until March 2017, but the monthly volume of purchases has remained at around 60 billion euros. Analysts predicted increase in the volume of purchases by 15 billion euros. Today, in the focus will be very important report on the labor market in the US (13:30 GMT). Strong employment data will be the basis for the Fed raising interest rates at the meeting on 15-16 December. We expect the decline in gold in the near future.
The price of Light Sweet crude oil rose yesterday amid the weakening of the US dollar after the statement of the ECB on monetary policy. It should be noted that on the market appeared news about a possible proposal from Saudi Arabia to reduce oil production quotas by 1 million barrels in 2016 against the current 30 million barrels, if other countries that are not in OPEC will also lower production levels, but this option is unlikely. We recall that today will be OPEC meeting in Vienna, and the statement of cartel will cause a strong price movement in one direction or another. We maintain a negative medium-term outlook for oil.