28.01.2016 - The price of gold rose slightly after the Fed statement
The price of gold yesterday showed growth after the Fed statement after the meeting of the Federal Open Market Committee. As a result, interest rates were left unchanged in the range of 0.25% -0.50%. At the same time, the central bank's rhetoric became more dovish and the possibility of raising interest rates in March, according to the Chicago Mercantile Exchange fell by 5% to 29%. Rising interest rates of the Fed traditionally had a negative impact on gold due to the growth of the US dollar and the increased interest in Treasuries, the yield of which is increased by raising rates. In the near future will be increased volatility in connection with tomorrow's publication of US GDP data. The current upward dynamics can continue after the completion of short-term correction.
The price of futures for American benchmark Light Sweet crude oil regained positions after the fall caused by the publication of statistics on oil reserves in the United States, which last week increased by 8.4 million barrels per day. It is worth noting that more dovish rhetoric of the Fed on monetary policy supported oil prices. At the same time, a major Chinese oil and gas companies announced production cuts in 2015 and forecasts about its reduction this year. At the moment, the oil market is very sensitive to the statements of representatives of major manufacturers, but negative trend is likely to continue against the background of oversupply on the market. Our medium-term outlook remains negative.