10.06.2016 - Oil and gold prices corrected downwards

The gold price corrected after a strong growth against a background of strengthening of US dollar. Support for the precious metal quotations yesterday was the decline in the US stock markets. It is worth noting that the US indices are close to historical highs and in the absence of incentives to continue the growth, there is a high probability of falling stock markets that will support interest in gold as a safe asset. Within the growth, the price may reach the psychologically important level of 1300 dollars per ounce, but given the expected tightening of the Fed's monetary policy in the autumn, we maintain a medium-term negative outlook.

The price of futures for the Light Sweet crude oil is corrected against the strengthening of the US dollar, as well as fixing the positions after a strong growth. Support for oil prices in recent days was the news from Nigeria, where are continuing attacks on oil infrastructure, which has led to supply disruptions. It should be noted that this factor is temporary, but the current level of prices stimulates growth in US oil production. In the near future the dynamics of trading will affect the news on the US stocks, as well as the volume of production in the OPEC countries. According to our estimates, the potential for price increases in the near future is limited and we expect the beginning of a correction with the potential of reduction by 15-20%.

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