28.10.2015 - Traders are waiting for statistics on oil reserves
The price of gold shows a slight growth and continues to consolidate around the level of 1165 dollars per troy ounce. Demand for the metal is increased due to the expectation of saving interest rates of the Fed at the same level. We recall that today will be published the Fed's statement on monetary policy (18:00 GMT), which will lead to increased volatility on the market. At the same time, support for gold yesterday has become the weak data on the volume of orders for durable goods in the US, which fell by 1.2% in September, compared with an expected drop of 1.1%. In the coming months, the demand for gold will be supported by the festive season in India and China. We expect increased volatility today.
The price of Light Sweet crude oil continues to decline amid expectations of statistics on oil reserves in the US (14:30 GMT), which can grow again on the background of the maintenance works at the refineres before moving the production of winter fuels. In addition, investors are waiting for the Fed's statement on monetary policy, which may lead to a weakening of the dollar, which had a positive impact on the price of oil. It is worth mentioning the news about a gradual increase in sales of oil from strategic reserves in the US. Our medium-term outlook remains negative due to oversupply and reduced spare capacity for oil storage.