26.07.2016 - The growth of oil inventories and weak demand will continue to put pressure on the quotes

The price of gold continued to consolidate in anticipation of a number of important events this week. Thus, today is worth paying attention to statistics on new home sales in the US, as well as consumer confidence in the US (14:00 GMT). Strong influence on the mood of investors will be the Fed's statement on monetary policy, which will be published on Wednesday. In case of hints on monetary policy tightening before the end of the year, will increase pressure on gold. We do not expect the raise of interest rates before the presidential elections in America. Our medium-term outlook for gold remains positive, but the current decline may continue in the near future.

The price of Light Sweet crude oil continued to decline against the background of sales by investors, which is caused by weak demand for gasoline in the United States, in spite of the season of road trips. Inventories worldwide continue to grow, while drilling activity is increasing in the United States, indicating that manufacturers greater flexibility shale oil producers in the country. Tomorrow will be published important data on inventories of crude oil and production volumes in the US. An additional negative impact on the price of oil has the growth of the US dollar. Our medium-term outlook remains negative.

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