09.07.2014 - Movement on commodity market will depend on the minutes of the Fed meeting
Gold rose slightly yesterday after the release of data on open vacancies in the United States, the number of which increased in May by 180 thousand to 4.64 million. The positive dynamics of the labor market in the United States brings the time of rate hikes by the Fed. Demand for the yellow metal on Asian markets, where China and India are the biggest consumers, remains weak. Increase in volatility is expected today after the publication of minutes of the previous meeting of the Federal Open Market Committee (18:00 GMT). We maintain a medium-term outlook for gold with the closest targets at 1350 and 1365.
Price for the American Light Sweet crude oil continues to decline gradually and now is moving within a narrow corridor near 103.50. The price of oil continues to depend on the situation in the oil-exporting countries Libya and Iraq. Today, we expect increased volatility after the release of data on oil and petroleum products inventories in the United States. Long-term outlook remains negative, but we expect that, given the current risks within the fall the quotes can reach 102.00, and then will probably suspend the decline.