The price of gold continues to move in a sideways trend and now is around the level of 1315 dollars per troy ounce. The reason for the slight decline was the strengthening of the U.S. dollar in connection with the positive data on the labor market in America, as well as the successes of the government troops of Ukraine and Iraq, where continues the conflicts. At the same time, the situation remains tense. Traders are waiting for the publication of minutes of the previous meeting of the Fed, which can point to increase of interest rates sooner than expected before. We maintain a positive outlook in connection with the forecast of correction on the stock markets in the medium term.
Oil futures continue to decline amid successes of Iraqi Army against the militants, as well as the preparation of Libya to increase the export capacity in connection with the opening of two major ports through which previously have been exported about half of Libya's oil. Improvement of the situation in Ukraine, also contributes to the fall in oil prices. We expect a continuation of a downward price movement in the medium term in case of absence of new negative geopolitical news.