06.06.2016 - Gold rose on the back of weak US data
The price of gold has shown strong growth on Friday after was published an important report on the labor market in the US in May. Thus, according to it, the number of non-farm payrolls in the United States increased by 38 thousand, against the forecast of 155-159 thousands. On the other hand reducing the workforce to 664 has led to a decline in the unemployment rate to 4.7%, against 5.0% in the previous period. After the publication of these statistics we do not expect the Fed raising interest rates in June, but did not rule out such a move in July or September. Today, the dynamics of trading will affect the speech of the Fed chairwoman Janet Yellen (16:30 GMT). Our medium-term outlook remains negative, despite the possible continuation of the correction in the near future.
The price of futures for the Light Sweet crude oil continued to consolidate around 50 dollars per barrel. Despite the drop in the US dollar, the growth of quotations was limited that is explained by the publication of service company Baker Hughes report, according to which the number of oil rigs rose by 9 to 325, indicating the acceptability of the current prices for shale oil production in a number of fields. Earlier, was held a meeting of OPEC during which there was no consensus on the measures needed to reduce excess of oil on the market. Traders are concerned about disruptions to oil supplies. After some consolidation around current levels, there is a high probability of a downward price correction.