08.09.2016 - Data on oil inventories in the United States have a major impact on the price
The price of gold continued to consolidate after a strong growth in the previous days, which was caused by reports on the labor market and the index of business activity in the US service sector, which disappointed investors and has led to a decrease in the probability of the Fed raising interest rates in September. The demand for defensive assets remains elevated amid uncertainty regarding the prospects for further growth on the US markets, which continue to consolidate near historic highs. Today, the focus will be on the press conference by ECB President Mario Draghi (12:30 GMT). Hints on strengthening incentives will have a positive impact on the price of gold before the end of the year. Our medium-term outlook remains positive with the closest objectives at 1400-1430 dollars per troy ounce.
The price of Light Sweet crude oil showed growth against the background of expectations of the publication of statistics on oil inventories in the United States, which according to experts can greatly decrease due to interruptions of supplies from the Gulf of Mexico, due to a tropical storm. It is worth noting that China's oil imports grew by 5.7% in August compared with the previous month, which is also supported by the optimism on the market. In the coming weeks we will see a strong movement against the background of speculations about the future meeting of major oil producers in Algeria at an energy conference. Today, the focus will be on news on the US oil inventories (15:00 GMT). Our medium-term outlook remains negative with targets at 36-40 dollars per barrel.