17.11.2015 - The price of gold was not able to continue to grow
The price of gold returned to the levels of the last week after yesterday's growth caused by the increasing demand for defensive assets, which was due to the terrorist attacks in Paris, which took place on Friday. It is worth noting that at this time the attention of investors will be focused on the prospects of the Fed raising interest rates in December. Today, a rise in volatility is expected after the release of important statistics on the consumer price index in the United States (13:30 GMT), the growth of which will lead to a drop in the price of gold. We are waiting for new signals to open the positions.
Price of Light Sweet crude oil could not continue to fall and corrected against the background of fixing positions. The number of active oil rigs fell last week for 2 units that is more than 60% less than last year, but the volume of oil production in the US has remained at about 9.2 million barrels a day, more than for the same period last year. Strengthening of the US dollar and weak data on world GDP growth continue to support the bears, but the main factor that puts pressure on the price of oil is still an excess of oil supply in the world. We expect a further fall in prices and maintain the medium-term negative outlook.