05.08.2015 - Traders are waiting for the news on US crude oil inventories
The price of gold fell amid growing investors’ confidence in raising interest rates by the Federal Reserve in September, after a speech of the American regulator’s official Lockhart. It is worth noting that the price of the metal is consolidating around current levels due to the anticipation of the important statistics on the US labor market on Friday. Improving the situation of unemployment and job growth will contribute to tightening of monetary policy in the United States. Gold demand from Asian consumers and investment funds continued to fall. We expect the price decline in the near future.
The price of Light Sweet crude oil has stabilized around the level of 46.00 after the strong decline caused by the success of negotiations on Iran's nuclear program, which has led to the lifting of sanctions, as well as in connection with the stopping of the process of reduction of the number of active rigs in the US. The excess of supply of oil is a major factor that puts pressure on prices. Today is forecasted the rise in volatility after the release of data on oil inventories in the US (14:30 GMT). We continue to maintain a medium-term negative outlook, but the potential of fall significantly decreased and we can see a correction in the near future.