The price of gold continued to decline in a stable downtrend after overcoming an important level of $ 1,150 an ounce. It is worth noting that the negative news for the price has become the reduction in the number of initial jobless claims in the US to 281 thousand against the previous figure of 296 thousand. In addition, Janet Yellen again pointed to the Fed's intention to raise interest rates this year, which traditionally negatively effects the value of gold. Today, the dynamics of trading will be affected by the data on the housing market and inflation in the US (12:30 GMT), and the consumer confidence index from the University of Michigan (14:00 GMT). We expect a further fall in prices in the near future, but maintain a positive medium-term outlook for gold.
The price of Light Sweet crude oil continues to decline gradually on the background of stable excess of oil supply on the market due to the increasing number of active drilling rigs in the United States over the past two weeks. It should also be noted the agreement on Iran's nuclear program, which has led to the lifting of sanctions against the country, which will in the next year lead to increase of the supply of oil by about 700,000 barrels per day. At the same time it is worth noting the growth of production in the countries of OPEC. Today, investors are waiting for the publication of statistics on the number of active rigs in the US. The growth in the near future is possible within the correction and our medium-term outlook for oil remains negative.