29.06.2016 - Oil is corrected upwards
The price of gold has resumed growth after the recent correction. Driver to increase the quotations was the growth of interest in defensive assets after a referendum in the UK where 52% of voters voted for the country's exit from the EU. It should be noted that the corrective decline of the US dollar also supported the price of gold today. Data on US GDP growth by 1.1% in Q1 could not lead to a drop in the price of gold. Today, the dynamics of trading will affect the news on personal income and consumer spending in the US (12:30 GMT). In the coming months, there is a high probability of continuation of the negative dynamics of gold prices.
The price of Light Sweet crude oil showed an increase within the correction after strongly decreased in recent days against the backdrop of the surprising results of the British referendum. It should be noted that an additional negative factor was a possible strike in Norway at the oil rigs, whose share in the total production of oil in the country is around 18%. According to analysts, the production of excess oil on the market will remain in the near future. Today, the focus will be in the US news on oil stocks (14:30 GMT). Our forecast for the near future remains negative.