18.09.2014 - Crude oil inventories rose unexpectedly
The price of gold continued to decline and reached the next target level of 1220 dollars per troy ounce. The reason for the fall was the statement by the Fed on the monetary policy in which it was decided to buy the assets for $ 15 billion. Dollars in October and terminate the program of quantitative easing. In addition, Janet Yellen announced the "exit strategy" according to which the monetary policy will be tightened by raising rates on repo and the placement of funds on the accounts of the Federal Reserve. Terms of raising rates will depend on the macroeconomic indicators in the country. Today is possible the increased volatility in connection with the holding of a referendum on Scottish independence. In case of separation of the country from the UK, we expect growth in demand for gold as a defensive asset. We expect a further fall in the price to 1200 and 1180, where will probably be resumed the purchases. Our medium-term outlook remains positive.
The price of Light Sweet crude oil continued to decline against the strengthening the US dollar, as well as due to the deterioration of the United States GDP growth forecast in 2016 to 2.6-2.9%. It is also noteworthy that oil prices are under the pressure of weak demand in Europe and a slowdown in China's economy, which is the world's second largest oil consumer after the United States. Negative for the market also was the message of an unexpected increase in crude oil inventories by 3.7 million barrels, against the forecast of decline by 0.9 million barrels. We are waiting for the continuation of the current negative trend in the medium term with a target about 90.00 dollars per barrel.