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Analytics, News, and Forecasts for CFD Markets: raw news — 28-07-2014.
The price of oil fell moderately, closer to $ 107 per barrel (mark Brent), as an ample supply in the Atlantic Basin and weak demand in Europe and Asia outweighed concerns about political tensions in Ukraine and the Middle East.
Traders say about oversupply in the physical markets of North and West African oil, forcing sellers to make significant discounts. The "low refining margins in all regions, including the U.S., says that the situation will not change in the near future" - said the oil market analyst Michael Wittner Societe Generale.
Market participants are also awaiting the release of statistics on the U.S. economy, as well as a meeting of the Federal Reserve System, which is scheduled for Wednesday. It is expected that at the upcoming meeting of the Monetary Policy FOMC, is likely to announce another round of quantitative easing to minimize the program (QE) for another $ 10 billion, bringing the total amount of monthly purchases of bonds of $ 25 billion With regard to the Committee, tone it is likely not practically change. Given that the document will be released before the release of the employment report, the economic statements are unlikely to be significantly different from previous ones. It is expected that Yellen will continue to argue that the rate of b / p at 6.1% is still pointing to weak growth in the labor market, as also evidenced by the slow growth of wages.
As for today's data, the report had little impact on the housing market, which showed: The index of pending home sales (PHSI), predictive indicator based on signed contracts, dropped 1.1 percent to 102.7 in June from 103.8 in May and was 7.3 percent lower than in June 2013 (110.8). Despite the decline, the index exceeds the level of 100, which is considered a middle-contract activity, the second consecutive month.
From a technical standpoint, the first resistance level WTI oil prices at around $ 101.40 and the second resistance level is $ 102.00. At the same levels of support may include the following $ 101.10 and $ 100.65.
The cost of the September futures on U.S. light crude oil WTI (Light Sweet Crude Oil) fell to $ 101.40 a barrel on the New York Mercantile Exchange (NYMEX).
September futures price for North Sea Brent crude oil mixture fell 67 cents to $ 107.37 a barrel on the London exchange ICE Futures Europe.
Gold prices have not changed today, continuing to trade near the level of $ 1,300 per ounce, which is associated with the tension between the West and Russia, and confrontations in the Middle East.
"The interest in gold as a reliable asset is retained, but the dollar is putting pressure. Main test will be later this week when we get the data for the U.S., and perhaps the Fed's comments on interest rates, "- said a trader in Sydney.
It is noteworthy that group Hamas in Gaza agreed to a 24-hour truce, but did not agree with Israel on a complete cessation of hostilities. At least 36 people were killed over the weekend during the fighting between the Libyan special forces and Islamists in the city of Benghazi in eastern Libya.
As regards the situation in Ukraine, the U.S. and the EU are preparing new sanctions against Russia on a background of continuing fighting in the east of the country.
On the dynamics of trade also affect expectations meeting of the Federal Reserve System and the publication of GDP data for the second quarter and non-farm payrolls, which will help to measure the strength of the economy and the prospects for the next cycle of changes in interest rates the U.S. central bank. According to analysts, the probability of these events to promote gold above current levels will be low.
Meanwhile, the IMF report presented today showed that the central banks of several countries around the world are actively increasing gold reserves. Fill up their gold reserves decided, in particular, central banks in Turkey, Kazakhstan, Mexico, Russia, Tajikistan, Serbia, Greece and Ecuador. However, the total amount of gold reserves in the world fell in June, the second consecutive month and reached 1,022 troy ounces. In June, the price of gold rose highest growth rate over the past 4 months, aided by the unstable situation in Ukraine, Israel and Iraq. At such a geopolitical backdrop, investors are choosing the precious metal as a hedge.
The cost of the August gold futures on the COMEX today rose $ 1 - up to $ 1304.30 per ounce.
(raw materials / closing price /% change)
Light Crude 101.77 -0.31%
Gold 1,306.40 +0.24%
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