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18.11.2016 - Traders are waiting for news on the future OPEC’s agreement from Qatar

The price of gold continued to fall against the background of the continued growth of the US dollar and the high probability of the Fed raising interest rates after the speech of Fed Chairman Janet Yellen. Hawkish rhetoric of Mrs. Yellen and positive inflation data from the US that in October rose by 0.4% hold the probability of the Fed to tightening monetary policy at a meeting on 13-14 December, is at a level above 90%. At the same time it is worth noting the strong statistics on the housing market in the US, where the number of housing starts rose to 1.32 million compared to 1.05 million in September. According to our estimates, gold fall may continue until the Fed meeting, but after that there is the likelihood of resumption of purchases. Our medium-term outlook remains negative.


The price of Light Sweet crude oil has fallen against the strengthening of the US dollar. Investors are waiting for the results of the negotiations of major oil producers in Qatar's capital today. Despite the efforts of some members of OPEC, we are skeptical about the reality of achieving a final agreement on the reduction of production volume in the cartel to 32,5-33,0 million barrels per day. Earlier, Iran, Iraq, Libya and Nigeria have stated their intention to increase production. In addition, the increase in drilling activity and inventories in the United States will encourage the sale of oil in the coming months. Our medium-term outlook remains positive, and we expect a high level of volatility in the near future.

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The CIF license of PFX Financial Professionals Ltd has been suspended by the Cyprus Securities and Exchange Commission until the 24th of December 2016. Please click here
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