04.03.2015 - Traders are waiting for data on oil reserves in the US
The price of gold continues to consolidate around the level of 1,200 dollars per troy ounce. Investors did not rush to open new positions before the speech of the head of the ECB Mario Draghi on Thursday, during which he may disclose details of the launch of quantitative easing in the Eurozone. In addition, the report on the US labor market will be published Friday, the improvement of which may lead to the strengthening of the US dollar and a drop in gold. Demand in Asia remains high due to low metal prices. We continue to maintain a medium-term positive outlook, but recommend to wait for the confirmation of the signal to open long positions.
The price of Light Sweet crude oil shows a gradual increase due to today's publication of statistics on oil and petroleum products inventories in the US (15:30 GMT). Increase in prices is due to air strikes in Libya. The deteriorating of situation in the country could lead to a reduction in oil exports. At the same time, it is worth noting that negotiations on the Iranian nuclear program, which could lead to the lifting of sanctions and the increase in oil exports of the country. At the moment, the excess of oil supply on the market is about 1.4 million barrels compared with 0.9 million barrels at the end of last year. In this regard, we expect a drop in prices of oil in the medium term to levels of 45.00 and 40.00 dollars per barrel.