16.09.2014 - Correction of the dollar supported the commodity prices
The price of gold has corrected slightly up after it reached the level of 1230 dollars per troy ounce. Despite the technical rebound on weaker dollar, quotes remain under the pressure of completion of the program of quantitative easing in the United States and expectations of an earlier increase in interest rates of the Fed, which will also reduce the demand for gold. The geopolitical situation has already been included in the prices. Demand in Asia and among the investment funds remains weak. We anticipate that buying will be resumed in the area of $ 1,200 per troy ounce, and look forward to the resumption of growth in the medium term.
The price of Light sweet crude oil corrected upwards after yesterday's decline on the background of negative data on growth of the industry in China, which slowed to 6.9% in August, against 9.0% in July. Industrial production in the United States also fell by 0.1% against the forecast of 0.4% growth. Support for the price of oil had a decline in the dollar. We expect a further decline of oil in the medium term, and expect that the oil price will depend on tomorrow's Fed statement and a referendum on Scottish independence on Thursday. Currently there are no preconditions for a change of the negative trend, but the downside potential also decreased.