04.02.2015 - Gold fell due to lower concerns about Greece
The price of gold fell sharply amid weakening fears of investors about the Greek crisis. Thus, the Greek government has stated its intention to negotiate with the creditors until the beginning of June, at the same time in the country rejected the idea of debt cut requirements. At the moment, the price of gold is near the level of 1265 dollars per ounce and can continue the current correction. Despite the reduction of risks associated with Greece, investors buy gold on the background of deteriorating macroeconomic data from the United States. Thus, the volume of factory orders in December fell by 3.4%, compared with an expected decline of 1.8%. Analysts expect the publication of data on the US labor market on Friday, which could lead to the strengthening of the US dollar. Our medium-term outlook for gold remains positive, but soon fall in price may continue.
The price of Light Sweet crude oil shows steady growth. The reason for the rise in quotes is the data on reduction of the number of drilling rigs in the United States to a minimum number since October of 2013. At the same time, a number of companies announced their intention to reduce the investment in the development of shale deposits in North America. An additional factor that accelerated the growth of price was closing of short positions. According to our estimates, the growth of quotations may continue in the near future, but the medium-term trend remains negative and we are likely to see the return of quotations to their lowest levels this year in the medium term. At the market is still an excess of oil, which will continue to put pressure on the price of black gold. Our medium-term outlook for oil remains negative and we recommend to wait for the moment to open short positions.