06.08.2015 - We are waiting for a strong movement in gold prices in the near future
The price of gold continues to consolidate above the level of 1080 dollars per troy ounce. The amplitude of price fluctuations is reduced amid expectations of an important report on unemployment in the US on Friday, which will depend on the prospects of the Fed raising interest rates in September. In case of weaker data, we can see a strong upward movement of prices, but it will be short-lived. Today, slight influence on trading may have news on the number of initial unemployment claims in the US (12:30 GMT). Weak demand for gold from investment funds and consumers in China and India, continues to put pressure on quotations of the metal. We expect a drop in prices in the near future.
The price of Light Sweet crude oil has continued to fall against the background of positive statistics, service PMI in the United States, which rose to its highest level since 2005 and totaled 60.3 against the forecast of 56.3. We recall that the service sector is about 90% of US GDP. This fact has offset the data on oil inventories in the United States, which fell by 4,4 million barrels against an expected decline of 1.3 million. In September, the season of car trips will end, which will lead to decrease in fuel consumption. The excess oil on the market is the main reason for the fall in prices. We expect falling prices in the medium term.