The price of gold continues to consolidate around important level of $ 1200 per troy ounce. Investors are awaiting the publication of statistics on the US labor market, which lead to the strengthening of the US dollar in case of increase in the number of new jobs. It should be noted that the improvement in the labor market of America brings point of increase in interest rates of the Fed. Statement by the head of the ECB, Mario Draghi on the launch of quantitative easing in the euro area did not affect the gold price. We expect increased volatility today. According to our estimates the purchase of gold will resume in the range of 1180-1200 dollars per troy ounce, and we keep the medium-term positive outlook.
The price of Light Sweet crude oil fell yesterday after the announcement of the ECB about the launch of quantitative easing in the euro area on March 9 that has led to the strengthening of the US dollar. Analysts continue to point to a reduction of available capacity for storage of oil. Growth capacity deficit may lead to a sharp fall in prices. The excess of oil on the market and the continued growth in production in the world and the US continues to put pressure on the price of black gold. Today, a rise in volatility is expected after the release of data on the US labor market (13:30 GMT). Our medium-term outlook for oil remains negative and we recommend to open short positions.