14.08.2014 - Gold continues to consolidate

The price of gold rose slightly after the release of data on the lack of growth in retail sales in the United States. Weak retail sales in the United States reduce the probability of a rapid increase in interest rates of the Fed. In addition, investors were disappointed by weaker-than-expected data from China. The economic situation in the second largest economy in the world is in the focus of investors. Demand for gold remains weak both from investment funds, as well as consumers in Asia. Volatility may rise in case of worsening the geopolitical situation in the world. We maintain our positive medium-term outlook for gold.

The price of American oil continues the sideways movement on the background of an uninterrupted supplies of oil from Libya, from where yesterday left tanker with 0.68 million barrels of oil. In addition, traders were disappointed by the lack of data growth in retail sales in the United States and slowing growth in of Chinese industry to 9.0% in July, which is 0.2% less than in the previous month. Due to the slowdown in the industry in China, the International Energy Agency lowered its growth forecast for the daily consumption of oil in the world by 180 thousand barrels. Crude oil inventories in the United States rose by 1.4 million barrels, compared with an expected decline of 0.8 million barrels. We maintain a medium-term negative outlook for oil, but do not exclude the possibility of upward correction in the near future.

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