The price of gold continues to consolidate around the psychologically important level of $ 1200 per troy ounce. It is worth noting that the cause of yesterday's decline was the strengthening of the dollar against the euro to a maximum of more than 11 years. Investors are waiting for today's speech of the ECB President who will talk about the details of the launch of quantitative easing in the euro area, which will lead to higher inflation in the region. The central event of the week will be the publication of the report on the US labor market in February, which will be held on Friday. Demand for gold from investment funds falls, but given the expectation of growth in demand for defensive assets in the coming months and attractive levels to buy, we maintain a positive outlook for the medium-term and recommend to accumulate long positions in the range of 1180-1200 dollars per troy ounce.
The price of Light Sweet crude oil continues to show a high level of volatility amid uncertainty on the future prospects of the market. On the one hand yesterday was published statistics on the growth in US oil inventories to historic highs. Thus, inventories rose by 10.3 million barrels, against the expected growth of 4.0 million barrels. On the other hand, Saudi Arabia has previously raised prices for American and Asian consumers. Starting the program of quantitative easing in the euro area should support a rise in prices, but given the oversupply of oil in the market, we maintain a medium-term negative outlook and recommend holding short positions with the potential fall to 45.00 and 40.00 dollars per barrel.