30.07.2014 - Fed’s statement is in the spotlight of traders
The price of gold yesterday corrected amid positive data on consumer confidence index, which unexpectedly rose to the highest level since 2007 and reached 90.9, which has led to the strengthening of the U.S. dollar. At present time the price of the metal is consolidating around the level of $ 1,300 per troy ounce, and further progress will depend on the data on U.S. GDP growth in the second quarter (12:30 GMT) and the Fed's statement (18:00 GMT). We recommend to wait for the signals for opening positions and maintain the medium-term positive outlook for gold 1350 with the objectives of and 1365.
Light Sweet crude oil continued to decline after the announcement of new sanctions against Russia, and the statement by the Prime Minister of Israel about the possibility of prolonged conflict in the Gaza Strip. In Iraq, there is a record level of oil exports, due to the fact that the main oil fields are located on the south of the country, which is controlled by the government. Today trade dynamics will depend on the data on U.S. GDP growth (12:30 GMT) and data on oil and petroleum products inventories (14:30 GMT). We expect a further decline in prices in the medium term, but today we can see an upward correction.