The price of gold has strengthened yesterday against a weakening dollar, as well as due to the fall on the stock markets. Among the reasons for the increase also worth noting the publication of the report of the IMF according to which global GDP growth in 2014 will be 3.3%, which is 0.1% less than the previous forecast, and in 2015, according to analysts, the growth will be 3.8%, against the previous forecast 4.0%. It is worth noting that traders are in no hurry to build up positions before the publication of the previous reports of the Fed meeting. We keep the positive medium-term outlook for gold and recommend accumulating positions in the range of 1180-1220 due to the expected fall on the stock market.
The price of Light Sweet crude oil continued to decline due to the deterioration of the IMF forecasts for global economic growth in 2014 to 3.3%, against a previous forecast of 3.4%. This report points to weaker demand for oil in the coming years. In addition it is worth noting expectations of growth of oil inventories in the United States by 2 million barrels. Increase in volatility is expected after the publication of data on oil and petroleum products inventories in the United States (14:30 GMT). Taking into account the decline in prices by the OPEC countries and weak demand for oil in Asia and Europe, we maintain a medium-term negative outlook for oil and recommend holding short positions.