15.04.2016 - The market is waiting for the results of the meeting in Doha

The price of gold continues to fall due to lower investors' concerns about the pace of global economic growth after in China was published data according to which GDP growth in Q1 was 6.7%, which coincided with the forecast. In addition, industrial production increased in March by 6.8% compared to last year. Investors had expected an increase by 5.9%. It should be noted that the index of consumer prices in the US rose by only 0.1%, vs. expected 0.2%, which reduces the likelihood of the Fed raising interest rates in June. On the other hand, the number of initial unemployment claims in the US dropped to 253 thousand, which is 17 thousand less than the forecast. The strengthening of the dollar may continue in the near future, which will be negatively displayed on gold. Our medium-term outlook remains negative.

The price of Light Sweet crude oil continues to consolidate after a strong growth in previous weeks amid expectations of the results of the meeting of major oil producers in Doha, which will be held on Sunday. According to the International Energy Agency, the balance of supply and demand of oil on the market will not be restored until 2017 and the expected meeting will not be able to significantly influence the situation with the excess supply. Today, the course of trading may affect data on US industrial production (13:15 GMT). Growth in industrial production in China, by 6.8% for the year, compared with a forecast of 5.9% will maintain the price of oil. Our medium-term outlook remains negative and we expect the decline in oil prices next week.

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