09.09.2015 - GDP growth in the EU by 0.4% supported oil prices

The price of gold continues to consolidate around the level of 1120 dollars per ounce on the background of the lack of incentives for a strong price movement. Investors are still waiting for the Fed's statement on monetary policy. Higher interest rates will be negatively displayed on gold, which doesn’t give interest income. At the same time, such a step has already been partially taken into account in the pricing of the metal after reduction, we can see the resumption of purchases. At the same time, the demand for protective assets continues to affect interest to gold. We recommend to wait for the signal to open new positions.

The price of Light Sweet crude oil rose yesterday on the background of a number of factors. Thus, imports of oil in China rose in August to 6.297 million barrels per day, which is 331,000 more than in the same period last year. At the same time, optimism of traders is supported by data on GDP growth in the euro area by 0.4%: in the second quarter, which is 0.1% better than the previous estimate. At the same time the number of active rigs in the world continues to grow despite low oil prices. Today, the dynamics of trading is traditionally affected by the data on oil reserves in the US (14:30 GMT), which can grow to the against end of the travel season in the United States. Our medium-term outlook remains negative due to an excess of oil on the market.

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