05.02.2016 - The price of oil is likely to resume the fall

The price of gold continued to rise in response to falling US dollar and rising probability of saving the Fed interest rates at the current level throughout the year, which has a positive effect on the attractiveness of gold as compared with bonds. It is worth noting that in China next week will be a vacation on the occasion of New Year and after the weekend we can see the growing interest in gold on a background of pent-up demand, but this factor will have a short-term impact. Today, the course of trading will affect the labor market data in the US (13:30 GMT). We expect the gold price correction in the near future, but do not rule out its increase to 1160 and 1180 dollars per troy ounce. Our medium-term outlook remains negative.

XAU-USD Conversion

The price of futures on Light Sweet crude oil could not continue to grow and is currently consolidating around 33 dollars per barrel. In the near future, prices may continue downward movement after greatly increased a few days ago. The main factors that affect the price of oil is still oversupply on the market and growth of stocks. Speculation about a possible agreement between major oil producers will maintain volatility at a high level, but we do not expect reaching a real consensus in the coming months. Our medium-term outlook remains negative and we expect the fall in the coming days.

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