29.07.2014 - Traders are waiting for the U.S. GDP data
The price of gold continues to consolidate above $ 1,300 per troy ounce. The attention of traders is focused on the one hand on the events of Wednesday when will be released the data on GDP and the U.S. labor market, and the Fed will make a statement on the monetary policy of the country. The focus remains on the situation in Gaza, where the confrontation will continue for at least another few weeks. In addition, traders are monitoring the situation in Ukraine and sanctions against Russia, which are constantly being tightened by the U.S. and EU. On Wednesday is forecasted the increase in volatility and the medium-term outlook remains positive.
The price of Light Sweet crude oil continues to decline gradually due to the expectation of growth in gasoline inventories in the U.S. on the background of high load refineries. In addition, it is worth noting an excess oil supply over demand in Europe. Traders are waiting for data from the U.S., which will be released on Wednesday, and also closely watching the situation in Gaza, Ukraine and Iraq. We maintain a medium-term negative outlook, but we recommend to follow the geopolitical situation the deterioration of which can lead to a sharp rise in oil prices.