31.03.2016 - The fall on commodity markets has resumed

The price of gold after the recent increase caused by dovish rhetoric of Fed chairman, resumed decline against the background of positive statistics on the labor market in the US, where the number of new jobs in the US private sector calculated by ADP grew by 200 thousand in March against the forecast of 195 thousand. It is worth noting that tomorrow will be published monthly report on the US labor market, which will lead to high volatility on the markets. The demand for defensive activity gradually decreases, leading to a fall in the gold quotation. We maintain our medium-term negative outlook for the price of the precious metal with the potential of fall to 1100 dollars per troy ounce.

The price of Light Sweet crude oil after a sharp rise yesterday, resumed a downward trend. The reason for the rapid growth yesterday have become the data on crude oil inventories in the US, which increased by 2.3 million barrels, which is 0.8 million less than the forecast. It is worth noting that the US oil production continues to decline, but this fact is compensated by increasing supplies from Iran and Libya. Currently there are no fundamental reasons for the continuing oil price growth and taking into account saving of oversupply, we expect further reduction in prices to 30 dollars per barrel. Our medium-term outlook remains negative.

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