16.09.2015 - We expect strong price movement on commodity markets in the near future
The price of gold continues to move around the level of $ 1100 per troy ounce in recent years due to the expectation of the Fed's decision on interest rates. In case of monetary tightening in the US, the dollar strengthened, leading to a drop in the price of gold. At the same time in case of growth fears of instability in China or fall in the US stock markets, the demand for protective assets will grow. Later in the fall, the dynamics of trading will be affected by the demand for gold in China and India, which traditionally increases at the end of the year. We expect increased volatility and wait for the Fed decision.
The price of Light Sweet crude oil rise on the expected decrease in production of shale oil in the US due to low prices for oil in the world. Today will be published statistics on oil reserves in the US (14:30 GMT). Venezuela calls on the convening of the meeting of Heads of OPEC countries but its idea remain unanswered. So far, we see no reason for the growth of oil prices due to the negative expectations on the Chinese economy and the persistence of excess oil supply on the market. At the same time the potential for further fall decreased. Our medium-term outlook remains negative.