The gold price is corrected upwards after the recent decline caused by the increase in speculation about the Fed raising interest rates this year. The main focus today will be on Janet Yellen’s speech in Jackson Hole (14:00 GMT), where often were made important statements. In addition, we should pay special attention to the publication of the preliminary report on the growth of US GDP in the second quarter (12:30 GMT). At the moment, there is a high probability of beginning of a substantial correction on the stock markets, which will lead to an increased interest in defensive assets such as gold. Our medium-term outlook remains positive with the potential of reaching 1400 dollars per troy ounce.
The price of Light Sweet crude oil price increased slightly during the Asian trading session, but continues to consolidate against the background of the expected publication of data on the number of active drilling rigs in the United States by a service company Baker Hughes. It is worth noting that investors have revised forecasts of a possible consensus among the major producers of oil at a conference in Algeria. Freezing of oil production in the OPEC countries, Russia and other countries is unlikely. The excess of oil supply on the market and increase drilling activity in the US will have a negative impact on investor sentiment in the medium term and we expect a further fall in the near future.