13.10.2015 - Gold continues to grow steadily, but its potential is reduced
The price of gold continues to show steady growth amid expectations of a later raising interest rates of the Fed, reducing the stock markets and weak statistics from China, which remains the main risk to growth in global stock and commodity markets. At the same time, demand for gold is gradually increasing in Asia due to the holiday season in the region, which will last until the Chinese New Year in February. Today, investors will not rush to open new positions in the expectation of important statistics on retail sales in the US tomorrow. Today we can see a correction in gold prices, but the upward trend may continue in the near future.
The price of Light Sweet crude oil fell sharply yesterday on profit taking after a strong growth in the previous days. The decline in production in the US is compensated by growth in the OPEC countries, as well as the expectation of the return of additional volumes of Iranian oil exports. Negative for commodity markets today have also become news on reduction of exports to China, which is the world's second largest oil consumer after the United States. After a sharp fall, quotes can restore some of the previously lost positions, but in the medium term outlook remains negative.