The gold price corrected after could not continue to grow. The investors are in no hurry with the accumulation of positions ahead of tomorrow's publication of the statistics on retail sales in the US. The dynamics of the gold in the coming time will affect expectations about the Fed raising interest rates this year, as well as the dynamics of the stock markets, the fall of which will lead to an increase in gold. Our medium-term outlook remains positive and we expect preservation of high level of volatility in the near future.
The price of Light Sweet crude oil could not continue an upward dynamics and corrected downward after in the US were published the results on oil reserves, which unexpectedly rose by 1.1 million barrels against an expected decline of 1.3 million in the United States. In addition, OPEC increased oil production to 33.11 million barrels a day in July. Speculation on a possible consensus on the freezing of oil production in the OPEC at the current levels were short-lived and will not lead to a strong increase in prices. It is worth noting that the increase in drilling activity in the US and oversupply can lead to lower prices to levels 40 and 35 dollars per barrel. Our medium-term outlook remains negative.