30.09.2015 - We are waiting for a strong movement of oil prices in the coming days
The price of gold continues to decline against the backdrop of a number of reasons. Thus, the demand for safe assets fell due to the positive statistics on consumer confidence index from the Conference Board, which rose to 103.0 against the expected decline to 96.2. It should be noted that the projected increase in jewelry sales in Asia due to the holiday season, which will last until February will support the gold price. Strong price movement is possible on Friday after the release of an important report on the US labor market. We expect consolidation around current levels in the coming days.
The price of Light Sweet crude oil continues to consolidate before today's release of statistics on oil inventories in the US (14:30 GMT). It should be noted that the amplitude of price fluctuations decreased, which indicates a strong movement in the near future. The decline in oil production in the United States to 9.2 million barrels per day compared with 9.6 million barrels per day in April, has a positive impact on prices, but excess of supply from other countries remains. Experts believe that the balance between supply and the volume of oil production on the market can be achieved in the second half of 2016. Currently, we maintain a medium-term negative outlook and expect a strong movement in the coming days.