The price of gold fell yesterday on technical factors. The main influence on the course of trading still have speculation about the Fed meeting tomorrow at which will likely be raised interest rates, which will reduce the attractiveness of gold and the dollar will strengthen. Strong influence on the future forecasts will have the rhetoric of the head of the Fed regarding the future plans to tighten monetary policy. Today, a strong influence on the course of trading will have data on consumer inflation in the US (13:30 GMT), which is one of the key indicators that affect the Fed's decision. We expect a strong increase in volatility in the coming days.
The price of futures for Light Sweet crude oil corrected upwards due to the positive statistics on industrial production in China, which is the world's second largest oil consumer after the United States. The International Energy Agency reported that according to their forecasts the excess of oil in the world will continue until the end of 2016. It should be noted that the likely strengthening of the US dollar in the coming months will also put pressure on the oil quotations. The excess of supply on the market will rise after the increase in oil supplies from Iran by 1 million barrels a day within 3 months after the lifting of sanctions against the country. After a sharp fall last week, we do not rule out a correction by 5-10% in the near future. Volatility will remain high and we maintain a medium-term negative outlook.