Analysts: Federal record sentry brings gold to back down. Oil recovers

14 August 2016 08:55 am

From: Mahmoud Jamal

Analysts said direct to markets for goods and minerals to "direct", that investors to reap profits in the yellow metal, and anticipation of Federal record this week would push gold to fall, whereas oil bailouts amid the movements and statements to adjust prices soon.

Gold gave up its gains to end trading session last Friday on a slight decline with shrinking u.s. dollar for his losses, and investors on the sale for a profit.

Gold slipped in late trading on the New York market, last Friday 0.5% to $ 1343.20, despite the negative data weakened the dollar.

Gold price Hostel in online transactions this past weekend 0.22% to $ 1334.56 an ounce.

And settled us retail sales unexpectedly last July with shrinking purchases of clothes and other goods to citizens, which lowers expectations economic growth accelerated in the third quarter.

The US Commerce Department said in an official statement last Friday: a stable reading last month came after reading an average rise in June retail sales growth suggest 0.8% compared with 0.6%.

Cream metal markets analyst willing to "direct", that gold has been through a week of oscillation between 1330 and 1360 dollars with failing to penetrate any of them.

He's willing, that gold is still trading within a horizontal region, alluding to that breakthrough levels of 1360-1375 dollars it takes to consistently climb above $ 1390 stability in the coming period.

He's willing, that gold and the dollar awaiting Federal signals next week; what will define the path in the period ahead.

Minutes of the Fed meeting will be issued for July 2016 next Wednesday, will shift focus to address by Janet Yellen head us Central Bank in Jackson Hole symposium which will take place on August 26.

Gold is influenced heavily by American interest rates so that increase the cost of possession; because it does not generate revenue while rising dollar precious metal's valuation.

He advised caution dealers willing, next week and not to expand purchases of Federal decisions to find out next week.

The dollar index ended-which measures the greenback's value against a basket of six major currencies-last Friday's trading session down 0.18% to 95.681.

After the falling dollar in the last meeting, oil prices increased, and climbed to $ 46.97 Brent, crude contracts rose us measurement West Texas intermediary to 44.49 dollars a barrel.

Oil analyst Mohammad Al-harami, "direct": to positively affected by oil falling dollar, noting that the decline of primary commodities denominated in the U.S. currency-like oil-cheaper for holders of currency.

The raw material and finished last week on gains by about 6%, the largest weekly increase since late April.

Harami said that Saudi Energy Minister comments on possible intervention to help stabilize the market, with news on the Venezuelan President's movements in this regard also support prices during the next week.

He said the Minister of energy, industry and mineral resources, Khalid Al-Falih, Saudi News Agency: "we in the Kingdom are watching the market closely, and will not fail to take any action to restore balance in the market if necessary."

Global agencies quoted Venezuelan President Nicolas Maduro, the oil Minister, iolokhio del Pino, on Saturday began a tour of OPEC Member States and beyond in an effort to reach consensus among oil producing countries on the strategy to strengthen oil prices.

Since the fall in oil prices in Venezuela has repeatedly tried to mediate 2014 to reach agreements to freeze oil production and reduce the abundance of supply, but without much success.

And OPEC members will meet informally next September.

Harami said: to increase the number of rigs remain factors that inhibit oil turned upward path, but the factors mentioned her cover on the negatives at this time.

According to a recent report by the company Baker Hughes oil rigs last three producers said in the week ending August 12, bringing the total number of working platforms to 481, compared with 672 platform a year ago.