08.07.2016 - Gold corrected before the important news
The price of gold fell on the background of correction in connection with the fixing of positions before today's publication of the US labor market report for June (12:30 GMT). It is worth noting that the decline in prices is possible today in case of positive statistics on employment, but growth is likely to be short-lived due to the persistence of increased investor interest in gold on the background of the negative effects of the British referendum on membership in the EU. The probability of the Fed raising interest rates during the next meeting at the end of the month is close to zero, which will support the quotation of gold. We expect growth to 1400 dollars per troy ounce in the near future.
The price of Light Sweet crude oil continued to fall after the recent rebound. The reason for the decrease was the news from Libya, where announced the possibility of opening terminals that has not worked since 2014, leading to an increase in supply by 600 thousand barrels per day. Yesterday also published data showing that US crude oil inventories fell by 2.2 million barrels, which is 0.1% more than the forecast. Production in the United States continued to decline, reaching 8.43 million barrels per day. Demand from China and India has remained stable, but in the world remain fears of slowing economic growth against the backdrop of the UK’s exit from the EU. Our medium-term outlook remains negative with targets at 45 and 43 dollars per barrel.