05.02.2015 - The price of oil resumed its fall
The price of gold continues to depend on news from Greece, where there are speculations about the possibility of restructuring the debt of the country. On the one hand the Greek government announced plans of reaching agreements with creditors till the beginning of June, but on the other hand the ECB indicates the refusal to issue credits secured by Greek bonds. Investors did not rush to accumulate positions before the publication of data on the US labor market. Demand for gold in Asia is reduced. At the moment, the driver for the growth of the gold may be the deterioration of investors' expectations about the prospects for growth on the stock markets. We forecast growth of gold prices in the medium term, but in the near future we can see a continuation of the downward price movement.
The price of Light sweet crude oil has resumed decline and is once again below the level of $ 50 a barrel. The reason for the recent rapid jump in the price was the news on reduction of the number of drilling rigs in the United States and a decline in investments in the development of new deposits from major companies. It is worth noting the growth in US oil inventories by 6.3 million barrels compared with an expected growth of 4.0 per week. Despite the recent growth, we expect a decrease in oil prices in the medium term due to an excess of oil on the market and slowing growth in oil demand in Asia and Europe. We recommend holding short positions in oil with a potential drop to $ 40 per barrel.