09.01.2014 - Volatility on the commodities markets will grow in connection with the release of data on unemployment in the US

The price of gold has not changed much yesterday. Publication of the minutes of the previous meeting of the Federal Reserve did not change investors' expectations about the timing of rising interest rates in the United States. Yesterday was also published data on initial claims for unemployment benefits in the US, the number of which was reduced to 294 thousand, which is 4 thousand less than the previous figure. Today we expect increased volatility due to the publication of a report on the US labor market, which may lead to a strengthening dollar and lower gold prices in case of positive statistics. Growth on the stock market decreased interest in defensive assets, but we keep the medium-term positive outlook for gold in anticipation of further fall of stock market indexes and risks associated with the political crisis in Greece.

XAU/USD Technical Analysis

The price of Light Sweet crude oil has stabilized near the psychologically important level of $ 50 per barrel. Correctional growth of price in recent days is explained by a number of factors including fixation positions, positive data on the US labor market, as well as a reduction in US oil inventories last week by 3.1 million barrels. Despite the current consolidation, medium-term outlook for oil prices remains negative due to the excess of supply on the market. Publication of data on the number of new jobs in the US (12:30 GMT) today will lead to increased volatility. Our medium-term outlook remains negative and we recommend holding short positions on oil.

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